Community well worth it?

[Miguel Torres]

I have 2 rental properties on a 1.3 acre lot. I want to demolish one of the properties and build 4 single family or townhomes on the lot (Total 5).  I've done all of the surveying, preliminary plans, zoning checks etc. The main issue I have is that the sewer is public, but the public water ends about 1 block before the property. I can look into doing a community well (site already has a well that the current 2 homes share). I only hear bad things about community wells on the internet. 

Does going this route make sense since the final plan is to subdivide the lot and sell? 

Do people buy homes with community water supply?

Is a community well such a problem that I would be better off keeping the site as-is?

Any input is appreciated.