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Yup and you need to do something before you spring a leak and have 40 gal. of water on your basement floor.Doc
I'd try flushing the water heater first, if discolored water is the only problem.
Insufficient hot water is a different type of failure. That is a thermostat or heater failure. Not related to leaking.
The estimated life of them is usually 8-12 years (I've had home inspection paid for by realtors with the last two new houses and that's what they estimate), although they can last past 15 years. I have an expansion tank on top of mine (county requirement) and noticed almost 5 years ago brown spots forming on the outside of the expansion tank when the hot water heater was just over 10 years old. Due to the relative cost of just redoing the expansion tank vs. the whole thing, I opted to get everything done.
what a coincidence... this morning i woke up at 3am (not my normal time ;0) to a soft running water sound. my HWheater is in a side-room of the garage but only about 15 ft from my bed. Yep, garage floor flooded. And last week I had brown water too. So I flushed out the tank 2x and it was fine for about 6 days. then the leak sprung lastnight. Unfortunately the shutoff valve for the cold water line in was stripped or broken therefore I couldn't shut off the cold feed. I had to shut of the main water in. so, no water today and probably most of tomorrow. Landlord arranged for replacement sometime on Monday. And my hot water was losing heat after one 10 min shower too, so I would be cautious of a potential full break down. [BTW...no audio electronics damaged. some storage boxes are absorbing the 40 gals. AND my battery tender for my moto was in a puddle of water, but wasn't plugged in!...phew]