Depends on what you mean by low cost.
This implies differently.

https://olauruguay.wordpress.com/2010/02/27/punta-del-diablos-real-estate-boom/

Most of the houses are intended for summer use only and will be cool and damp in winter. Heating costs could be expensive.

Most are rented for big bucks for the summer but you can find cheap rentals in the off season. There will be little going on there then with most of the accommodations, restaurants and shops closed.
Airbnb has some listings and other sites such as http://www.portaldeldiablo.com.uy/en

I think of the name as meaning Devil's Point.

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