Pete,
There is no thermostat adjustment on the water heater. The propane thermostat and the electric thermostat (these are two separate items) are preset and not adjustable. There is also an electric "overtemp monitor" which is behind one of the two black rubber circles on the front of the water heater. If, by chance, your water heater malfunctions and overheats, pressing those rubber discs will reset the overtemp switch. Why are there two discs and only one switch? Hmmmmm Good question, no answers.....