That looks like your water meter.
Looks like they wrapped a towel around it because it was probably rattling and banging on the drain stack.
If that's all that holding you back, that can be fixed.
Find out where you water is coming from and try to plan on replacing that blue handle valve for a quality ball valve.
Around here, Meter are normally at the curb or property line.
Anything before the meter belongs to the water department.
With exception to townhome communities with sub meters inside the units garage with a main meter for the community.