What Metrics Do You Look For When Deciding If a Niche is Worth Pursuing?

I think I have a good understanding of the characteristics of a nich worth pursuing:

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• High traffic keywords
• Low competition
• A good pool of advertising money
• Product driven

(feel free to add others you think are important)

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But what specific metrics do you look for?

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• How much traffic is good enough?
• How empty of competition should the space be?
• What is a good ratio of traffic to competition?
• How deep should your research be? How many keywords do you look at to make a confident decision?
• When looking at competitor websites, what key insights do look for?

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Thank you for sharing in advance!