Demand response (DR) is an effective method for achieving energy flexibility. Preheating can store a certain amount of energy in the building while simultaneously reducing the heat load. The energy flexibility of a building during the heating season mainly depends on the types of DR events, the thermal performance of the building envelope, and weather conditions. Analyzing the impact of these factors on the preheating performance and exploring their interactions can reveal the potential for energy flexibility. This study proposes a simulation-based method to evaluate the energy flexibility of a residential building in Kitakyushu, Japan from the perspectives of energy efficiency, load and energy reduction. Rule-based control strategies are applied to heating, ventilation, and air conditioning systems. The results show that compared to preheating temperature of 24 °C, high insulation building at 25 °C achieves energy efficiency improvement of 3.5%–14.8% and load reduction increase of 1.6%–22.2%. Compared to low insulation building, preheating at 25 °C for 1 h increases energy efficiency in high insulation building by 6.2%–10.3%, with corresponding load reduction increase of 1.0%–19.1%. Extending the preheating duration improves load reduction but leads to heat loss. Preheating during heating system startup should be avoided as it produces the worst energy flexibility. Moreover, statistical analysis identifies key indicators for energy reduction: the inside surface temperature of the exterior wall (Pearson correlation coefficient = 0.820, standard regression coefficient = 0.924), followed by global horizontal radiation and building insulation performance.