How cheap is cheap?
If you want walking distance to the Biscuit, the Hampton Inn and Hilton Garden are over by the NASCAR HOF. I think they run between $130 to 150 a night. They're less than 2 years old so they should be okay. If you are comfortable spending around $200, you could try old school cool like the Dunhill or very contemporary/trendy like the Aloft.
I don't think you're going to find anything MUCH cheaper 5 miles...maybe 10 when you hit the burbs like Matthews or Concord or something.