This is not a bad followup.
Obviously this is not as innovative as the first one, but the premise of this is a natural progression from the first. It has a few lovely twists, which keeps the idea fresh, but it is not enough to elevate it to a higher status.
The idea of revisiting the site of an older movie like this is pretty fun though, and allows the filmmakers to not wear the ideas of the original premise too thin, but instead focus on the journey the protagonists have to undertake in order to reach the 'start' of the spooky stuff.
The acting is sometimes a bit forced, but that could be down to the directing, but overall I think they do a fine job for what it is.