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.
The details are all in my github page: https://github.com/CraigHoffmann/water-meter-reader