I am not saying it wont meet code, however, if its the summer and the electric stove is on, the hot water heater is on, and some AC's are on it will be tight.
I have a friend that has an Electric Tankless Water Heater and he tells me his lights dim when he takes a shower. There are only two people in his home so how much can be on at one time?
Most likely I will get a new unit with a built in freeze protection. As I stated I bought the cheapest one I could find at the time and you get what you pay for. About $500 or $600 dollars and I saved about $2500 to $3000 over 6 years (less the water damage now....).
I still think tankless is the best way to go. Had I done things right and put the water sensors back I would not have any damage.