We decided to see what was out there for the least money, our criteria being east of the canal and a freestanding home (no mobile homes, condos, or co-ops). Here they are: most of the homes need some work, but with those water views (canal, pond, creek), they're worth it.
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The Cheapest Waterfront Homes for Sale in the Hamptons
Not oceanfront, but still some good options

$645,000
There are three rental units in four buildings on this property, which is 0.30 acre. Of course, they all need work, but seems like there's a significant upside potential here.
$645,000
This saltbox, with 1200sf, might be a teardown. The real attraction here is 0.63 acre on Little Round Pond.
$749,900
This 900sf cottage, with two bedrooms, has been nicely renovated. There's 0.14 acre of land right on Little Fresh Pond.
$799,000
Pretty pondviews from this funky redone contemporary. There's room for a pool on the 1.2 acres of land.
$799,000
This Noyack ranch could use some updates. The real star here is the quarter-acre of land with access to Noyac Creek and Peconic Bay. Dock your boat in your backyard.
$825,000
A teeny tiny cottage (730 square feet) on a minute plot (0.05 acre), but lovely views of Davis Creek and Peconic Bay.
$850,000
Kayak or SUP right from your own yard to Big Fresh Pond. The house is 1000 square feet, with two bedrooms and two baths, and the plot size is 0.13 acre.
$850,000
Jetski, clam, fish, kayak or SUP from your own yard. This property, with a 1300 square foot house and just over a quarter of an acre, is right on a canal leading directly to the bay.