Do you decrease CapEx % when the property has HOA fees?

[Zach Yusypchuk]

I'm reviewing a Condo that contains HOA fees that cover things like the exterior (Roof, siding, landscaping) along with hot water heaters. Do you ultimately decrease the CapEx % when calculating costs since you don't have these expenses? Alternatively, would you choose to keep these expenses since an HOC could in theory require a 1x fee if they are short on funds and need to do a major project like replace the windows, pave the parking lots, etc?

Any and all thoughts are welcome ...