Repairing the existing should be pretty straight forward on the electric side at least.
Check and see if you have 120 VAC available at the tank thermostat, and then if it is making it through the stat, if no power on the element side of the stat then the stat is bad (replace it) if you have power on the element side of the stat then replace the element (would also recommend you buy a spare while your at it.
Use thread tape when replacing the element (to make it easier to remove the next time).
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DE: John W9WLS
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