Ico investments can be a bit risky compared to the altcoin investment. If you are looking for not valued coins. You can choose from icos recently finished and on exchange. Their price can be lower than ico price. They have much more potential.
Many companies are moving away from ICOs. If you want better scrutiny of the company and project to avoid scam ICOs think about security token offerings (STOs). I have been looking at Bitbond STO. The first German approved bond STO had its prospectus (company financials, project) vetted by the German regulator, Bafin (Bundesanstalt für Finanzdienstleistungsaufsicht). You know a project is on solid ground if it has some third party investigation that approves it as a regulated entity. The Bitbond project has a lot of potential for passive income.