How bad is it? It's a throwback to sleazy grindhouse films. Most would find this terrible.
Should you see it? If you like trash, this can be fun. Yes.
This is sort of a women's prison movie, but it's setting is a Catholic halfway house for wayward girls, which reminds me a bit of Delinquent Schoolgirls (minus the enormous breasts). There's a ton of nudity, all gratuitous, with plenty of lesbianism. There's also Mary Woronov in control of the place and a monster in the basement that seems to be making the girls disappear. Characters are named "Cherrie Pie" and "Dick Sheen," so you know that most of the badness is intentional. The movie is decently paced, very low budget - all one location - and while the plot unspools exactly as you would expect, it is very watchable.