@Trey Onufrii It's tough to say which one is the better investment without more details, like - cost of each parcel(s), are there utilities close by (especially the Jomax site), what's the terrain like on the hilltops? 

There is rules around this which is why loans and utilities all offer multiple payment options.

My family and I are contemplating building a 2nd home on Beach Lake or Sunset Lake in particular (5 minutes from Castle Rock Lake) and utilizing it as an STR the rest of the year when not there. 

Even if you don't 'believe in it' the banks, insurers, builders, utility companies and municipalities sure do and the reality is that your bottom line will be impacted..'

Same for other utilities. 

Many lenders will offer a seller paid contribution that can be utilized as prepaid interest to reduce the borrowers initial interest rate by 3-2-1% over the first few years of the loan.

Would you need to provide utilities as well?

She put minimal down and utilized some state assistance to offset closing costs.

Insurance is WAY cheaper for a new build, as are utilities, because the newer homes are more energy efficient, and also have less need for immediate upgrades. 

But again, I go through the questions about and decide based on the level of stress/work, cash flow utilization and my overall goal for that rental and make my decision.