Second.. Normally when they figure out water heaters they plan on water coming in at 60 Degrees, same for the water on the cold side of the faucet.
You are talking water just barley above freezing, perhaps even a bit below (Yes you can do that). Way more work for the water heater.
I keep thinking I'd like a "Demand" type to follow the tank type.. That way I could use the tank (on electric when it's free, or included) and only burn propane when needed.
Home is where I park it!