We just moved into a condo and the water temperature isn't hot enough. I opened up both upper and lower access panels, and they both have styrofoam panels glued over the controls. Is it okay to cut through those panels to get to the controls?

Yes you can cut, they are there to prevent hot wires from touching the metal panel. BUT, turn off the main power at the breaker before cutting the foam away.

We just moved into a condo and the water temperature isn't hot enough. Follow ma0641 instructions to view the thermostats.They should be at the factory setting of 120F.
However I don't think that's your problem. It sounds to me like you have a burned out element, most likely the bottom one. Call in a plumber to replace the faulty element or if you wish to drain the heater and install it yourself we can walk you through the process. Just ask. Good luck, Tom