You're sure it's an electric hot water heater?
If it is, you should have flipped a double breaker as it's a 220 volt unit.
Post a photo if you can.
Electric heaters have a sacrificial anode. Yours might need to be replaced.
I guess you don't know how old this heater as having just moved in? If the previous owners left you paperwork, check that. Sometimes it's in a plastic bag tucked around the unit.
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