What you are looking at should be the water heater bypass valve. This valve when closed allows water to bypass the water heater. This is useful when winterizing the coach. Close this valve, drain the water heater, and pump antifreeze, the RV water system type not the green stuff in your radiator, throughout the water pipes in the coach. That way you don't waste 10 to 15 gallons or so antifreeze in the heater.
The fresh water drain valve is located somewhere at the lowest part of the fresh water tank maybe near the water pump. It is larger, maybe an inch in diameter, and when opened will dump the tank overboard. That's the way it is on my Bounder and I expect the 2 are somewhat similar.
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Steve n' Tammy in a 2003 Fleetwood Bounder 32' on a Ford F53 Chassis and a V-10 gasser pulling a 2020 Pacifica on a EZE Tow Dolly
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