There is low budget, and then there is no budget. This is the latter. This is a hybrid lovecraft adaptation between "Pickman's Model" and "The Haunter of the Dark", but unless you are very familiar with the source material it is irrelevant. The acting is atrocious. The script is atrocious. The directing is pretty foul, with a couple of above-average setting and atmosphere shots. Every shot is over-saturated and indistinct. While elements from the original story are still pretty creepy and engrossing, and the director does an admirable attempt at evoking the lovecraftian atmosphere of unknown dread, everything plays out by-the-numbers bad horror tropes. One of the characters even comments on this, "It feels like I'm in a horror novel I've read a thousand times". At least he didn't have to watch this movie.
F
(D if you are a Lovecraft completionist/fanatic)