How bad is it? It might be the worst Chupacabra film not featuring Scott Shaw.
Should you see it? You can learn a lot from failed films... except this one. No.
Mutilated dogs are being found in a California suburb and an investigation by the dogcatcher leads to the idea that the legendary chupacabra of Puerto Rico (according to the film) has been transferred there. This leads to a search for the monster which gets impeded by the police thinking there's a serial killer (oh right, the monster moves from goats to dogs to people, I guess). The monster itself is not bad for a rubber suit, but nothing else in the film works at all.