The economics on HPWH are poorer on a cost/BTU during the heating season, and great outside the heating season. About half the BTUs come from the space heat, and half from electric kWh. So in the winter, a BTU of HW costs about the average of your space heating BTU cost and electric resistance heat BTUs. The rest of the year, they cost the average of elec BTUs and 0, IOW, half that of a resistance elec unit.
In your example, IF your winter BTUs are free (wood), available in excess and can get to the unit, then you are heating the space for half the price of electric (+ wear and tear on the unit). IF you want it to be really independent of the existing space heating system, e.g. heat the room while the rest of the house is going cold, then forget about it.
If this is a frequently used room, I wouldn't do it, since you would 'wear out' the unit. If it is an infrequently used room, then the heating cost is unimportant.