Hey Hardwork,
Don't give up on Newport. It is only about a 1.5 hour commute to Marlborough. To find single level condos or ranch style homes, just go ro
Rhode Island Living - Finding your dream home has never been easier! and enter a search for Newport for both condos in your range and single families (or do the same for the towns I'll mention below).
Middletown and Portsmouth would subtract 5minutes and 10 minutes respectively, off of your commute as they are the two towns north of Newport, also on Aquidneck Island. You drive through them to get to Tiverton before you arrive in Fall River.
You also might want to look in Tiverton, since it is RIGHT NEXT to Fall River and parts of it are very nice and the waterfront is very pretty. There are some sections of Tiverton you'll want to avoid due to toxic chemicals that have leached into the ground and have caused cancer in those living in the vicinity and of course, the real estate values have dropped TREMENDOUSLY in that particular area. It would shorten your commute as compared to what it would be from Newport, by about 15 minutes.
The other area you might look would be in North Kingstown, which includes Wickford which is very cute and Saunderstown both which have nice views of Narragansett Bay looking across to Jamestown which is between the mainland and Aquidneck Island.
You could also look in Jamestown but may only find a tiny fixer-upper at the top of your range. It is probably the favorite town in RI to retire to but also the most expensive by far. You'll also find the prettiest waterviews of anywhere in Rhode Island in Jamestown, looking across to Newport. Also, the Island is only 9 miles long and one mile wide so you are never far from the waterfront --- whether its looking south and out to the Atlantic Ocean from Beavertail (one of the oldest, still operating light houses on the east coast) or Fort Wetherhill where you can look across and see where Jackie Onassis spent summers growing up and where she married President Kennedy.
Other towns in RI that would be a closer commute would be East Greenwich; Cranston and Warwick none of which have any beaches of any note or any spectacular views, however parts of these towns lie along the RI shore line. These towns would have much more affordable homes and there are tons of ranch style single family homes there.The water is more polluted up there as well so you'll find swimming not allowed most of the time.
Towns farther away where you might find more house for your money but also REALLY nice beaches (nicer than in Newport) would be Narragansett, Wakefield, South Kingston (where URI is located), Charleston, Westerly. Living in these towns would make your commute more like and hour and 45 minutes to 2 hours and 15 minutes.