One of the ways to increase the efficiency of hot water boilers of the housing and communal services system is the deep cooling of combustion products to temperatures below the dew point temperature. Currently, there are a number of studies on the use of condensation economizers and air heaters of various types to solve this problem. The use of such devices makes it possible to reduce the temperature of combustion products and, thus, increase the heat utilization coefficient, reduce fuel consumption. The use of combined flue gas cooling devices seems particularly promising, but the parameters of their operation have not yet been studied. In this regard, the development and study of the parameters of such devices are relevant. Using the techniques to design heat exchangers, a set of thermal calculations has been performed to study the characteristics of a combined deep cooling system for combustion products after a hot water boiler of the housing and communal services system, represented by an air heater and a condensation economizer. It is considered that one part of the flue gases after the air heater is sent to the economizer, and the other part goes through the bypass, bypassing the economizer, and then meets the combustion products coming out of it. The distribution of the combustion product flow before the economizer is based on the need to ensure the temperature of the mixed flow after the economizer at 70 °C. For the most common hot water boiler in the housing and communal services system of the TVG-8M type, the authors have been established the dependence of the heat transfer coefficients, the surface area of the heat exchangers and other parameters of the deep cooling system of the exhaust gases on the set value of the temperature of the combustion products after the air heater. It has been established that the proposed scheme of a combined deep cooling system for combustion products makes it possible to improve the technical and economic performance of the boiler by reducing fuel consumption. It is proved that the smoke temperature after the air heater for this type of the boiler should not be very low (not lower than 115–130 °C), since it dramatically increases the heat flow with a decrease in the average logarithmic temperature difference and leads to an increase not only in the temperature of the heated air, but also in the surface area of the air heater.