Seriously look at why they are so underfunded. IF they just replaced roofs or did a lot of cosmetic upgrades (painting, sidewalks, driveways) within the past couple years, they could appear to be a little low on funding, but the major obligations have been met. If they are underfunded because they are spending everything they get, or just not managing their money then run!
Check to see whether they've had any or many special assessments. If its time to reroof and there's no funding, everyone gets hit with a special assessment to cover that expense. And that will come out of YOUR pocket too! It isn't a choice, its a financial responsibility.
I know of an association that was well funded in the past. A board came in that wasn't as structured or involved with the process; and wanted to be liked so they didn't raise dues, didn't enforce certain rules, etc. And things got a bit lopsided. New board has worked diligently and has finances back on the road to recovery. Getting homeowners back on track is a bit more challenging.
Summation: If you find funding low because they ARE taking care of the property and dues are appropriate for insurance, maintenance, future repairs; then it could be a good deal for you. If they've just lost interest in managing their funds and maintenance responsibility, find another place to purchase!
Do make certain you check the rules & regulations and CCRs to make certain they are something you can live with and next to - rules for noise, pools, available parking, monthly dues, special assessments . . . all important items!