There might be 3, 2, or 1 valve. All 3 systems are used by different manufacturers. I have 2 trailers with single valve systems. I believe yours is a 1 valve system from what I have heard if my memory serves me correctly. You will need to change the valves each time you winterize. You do this before you install Antifreeze if that is how you intend to winterize. You must put them back in service upon startup. DO NOT put antifreeze in the WH tank. That is why it is called BYPASS. Never turn on the neater without water in the tank.