Hi, I have completed a water meter reader for my house and it has been working well. It is based on a WeMos D1 mini (esp8266 based board) and a TCRT5000 sensor (cheap off ebay). It detects the spinning dial in the water meter and counts the revolutions. The water meter is a typical South Australian main house water meter. No modification to the meter required.
I made this and worked perfectly, except a couple of minor problems: with rain sometime water goes under sensor part and the reading start fluctuating here and there (I solved this using blutec between sensor and meter), and other problem I found is that sunlight shift the signal, so max and min need to be adjusted for few times in a year. otherwise works perfectly. Thanks for sharing.