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Tankless water heater

Our water heater finally died last night and I am considering tankless. The house is a small 60's era ranch w/one bathroom. The old heater was gas. There are five people in the family. Any other things to consider? Is tankless a wise choise? Is it cost effective considering the age of the house and size of the family? What are the better brands (most trouble free/dependable)? Is Short, HELP!

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