I would never, ever, knowingly buy a home in a neighborhood that had an HOA. I'm the kind of person, though, who wants to "live" in my home and enjoy my property. I don't really view it as an investment. I don't ever expect to get rich from my property value.
Property generally goes up in value anyway, even without an HOA. Unless, of course, it's way way out in the middle of nowhere and/or the community is dying.
For example, this old flour mill shut down back around 1982, although it looks like someone is still using the building for something. That mill was the only employer in the little town of maybe 200 people. I never lived in that town, but I knew people who did. The house they lived in is still standing to this day and is still occupied, but all of the homes that were around theirs are gone now, just vacant lots. I would say that for each one of the few houses still standing, five others are gone. So, in this case, I think it's safe to say property values didn't go up. In areas where there is enough development for an HOA to be a thing, the property would have gone up in value anyway.
All I'm gonna say is, no HOA would want me in their neighborhood and I damn sure wouldn't want to be in their neighborhood either, but then I care more about my property rights than my property value.