Gatlinburg/PF new construction viable?

[Ryan Moyer]

My wife and I are interested in an investment STR cabin (probably around 4-5 bedrooms, but would consider fewer for the right deal) in the Gatlinburg/PF/Sevierville area. I've spent the last week reading through pretty much all of the dozens of Gatlinburg area threads here on BP from the last few years, as well as browsing around the listings.

Prices have definitely inflated a good bit since those discussion threads started, and as I've seen people mention in the more recent threads margins are tighter now (but still good).  However one thing I noticed in browsing around was that land there seems to be exceptionally cheap.  Does that make new construction a reasonable alternative out there?  What are the prices to build like on those pre-fab log cabins in the area relative to the price of an existing cabin that may or may not have large capex items soon in the pipeline relative to new construction? 

I know people have mentioned in the threads that there is lots of new construction going on in the area.  Is any of it from BP investors?