I usually see where the low voltage is produced, if that is easily done without PCB schematics. Then I check to see if the low voltage is getting to any UI components. If you are getting low voltage to the UI, but no lights, then it probably is the UI.
Finding this voltage isn't always possible (parts molded in), and it takes knowledge of how circuit board power supplies are designed.
Some of the newer boards are using SMPS (Switch Mode Power Supply), at which point it becomes hard to know what they are doing without a PCB schematic, and some IC datasheets.