This "horror" movie lacks any horror or even mild suspense. Even the gore is not good. The plot would have some promise if it was done by someone who cared about what they're writing/filming, but the people who made this movie obviously did not. Basically, the film proceeds in a series of fits and starts thusly:

Main character insists she's not crazy.

"Milo" lurks about in his yellow raincoat or rides in front of a car on his bike.

Main character insists she's not crazy and rambles on about her passion as a schoolteacher.

Someone gets killed in an unsatisfying manner.

Main character insists she's not crazy and musters up a few fake sobs.

Are we seeing a pattern here? If you don't, you may enjoy this film. Otherwise, watch something else. The budget is low, low, low AND IT SHOWS (unlike say, THE EVIL DEAD, which makes you forget about its crap budget), and the acting is bad, bad, bad (with the possible exception of the janitor). In general the movie is boring, boring, boring. I can't think of a single scene that's actually done well. In fact, I disliked the movie so much I actually turned it off ten minutes before the end, something I very rarely do... heck, I watched the non-MSTied MANOS, THE CLONES, and WILD WILD WEST all the way through.

3/10. Spare yourself and watch PHANTASM again.