#1 - You'll want to know if there are riparian rights. Those give you the right to build or reconstruct a pier, access the water for swimming, boating, and fishing.
#2 - Critical area regulation is huge in the Chesapeake region. The proximity of the house to the water can determine whether any additions to the property are possible, or any pools, sport courts, or additional structures. It's also important here to have your title attorney see if any violations currently existing with the property.
#3 - Water frontage is how much of your property actually runs along the water. You'll want to know how much you have that you can enjoy, but you also want to see the state of the water frontage. Do you have to budget for replacing the bulkhead? Is it rip-rapped? Living shoreline?
#4 - Water depth is HUGE for boaters. Depending on the vessel (power boat or sail boat) you'll need a specific water depth to operate your boat. Does the property have that? Does the body of water it's on have that depth? Is a boat lift required because the tide gets too low?