Does that even matter?

Have you had your purchase agreement , mortgage and lease reviewed by a competent attorney that specializes in such matters?

The fixed costs must be paid for so reducing water usage really only increases the water rates because the water companies need x amount of revenue regardless of the amount of water they have to treat and deliver.That said, it matters how much each individual uses but right now the economics are not such that the cost to the consumer drives that in the right direction in most markets.

No matter where you're starting from, your vision is possible.

They get to make up whatever guidelines they want, Fannie/Freddie do not matter.

Doesn't matter what another investor might offer.

With regards to ARV for a refi, like @Scott Schultz noted, appraisers (and home inspectors for that matter) typically just observe what they see and appraise the home based on its present condition. 

Just budget for them no matter what you do.  

Mortgage payment on the more expensive property would be ~740/mo, on the cheaper one ~460+75, or ~535, though that doesn't matter as much -- where it comes into play is "what are the financials of the HOA like?"

Insuring an HOA can come with a lot of nuances, so it was incredibly wise to reach out for some more opinions.With that said, @Parker Cox is who I'd recommend you try to speak with about the matter.