@Nathan Williams Utilities can be high in Indianapolis due to the cold winters and hot summers.

@Robert Winters great idea, after a quick craigslist search I found a vanity + sink combo that would work in a unit of mine (and is in great condition) and there is a guy getting rid of some tile that may work nicely for a small project I am considering. 

The area we are looking is near Winter Garden, FL.

Plus in the winter there is less bugs to deal with(crawl spaces and basements).

As another new investor to this market, I'm about to do my first Reno Multifamily deal during this slow winter month. 

Make sure vacancy is on par for your area at 5%, and possibly add more margin for year one if buying during winter months. 

Because there are many snowbirds in this area, winter condo rentals are a great way to make money, but come with their own set of drawbacks.

If there's a lot of time left on the lease, then that's a different story..I can imagine that in LA you have fairly warm temps right now, even though it is winter so finding a new tenant (I'm assuming that's where the rental is located based on your city).

Perhaps due to the "cry wolf" syndrome the threat is there but nothing ever happens, but to me it would be like living in Chicago without a shovel come winter.  

Your HOA is likely high because they use a ton of heating oil in the winter, and with such a large expense, I would also have questions on how the rest of the property and all of the roofs were being maintained.