This has potential to be somewhat of a double-whammy in my opinion. Parking outside is one thing...but parking outside "right on the water by the bay" in Maryland, I see potential disaster. High humidity with ocean salt in the air...spraying all over during storms & hurricane season...although you'll be somewhat protected deep in the bay which might help some. But I say "potential" disaster because I do not know the local area, you might know it better, and how steel objects respond to living right in that location on that bay. But MD also strikes me as a wet place with quite a lot of rain, with cold winters that dip well below freezing and occasional snow. This whole climate/location combo seems about as far as you can get from good outdoor storage, if you want to preserve a car.

I do not have experience with outdoor covers. But no cover, nor fabric garage, will keep humidity and microscopic salt spray at bay, assuming that exists where you will live.

Is your car a daily driver?

If not, I might seriously consider paying for rental storage off-site, maybe a few miles inland from the water, in a storage facility.