I first watched this about 5 years ago and had I had an IMDB account back then I probably would have scored this 2 or 3 out of 10. However, on a second viewing it did not come across as quite as terrible as my initial opinion.
The opening scene is set in 1987 and has a man driving a Ford Transit MK6 van - these didn't go into production until 2000! To make matters worse they have scribbled on the vehicle's registration plate.Not a promising start.
Anyway, initial goof aside, we have a masked killer who wears black leather gloves, a touch of Italian Giallo perhaps. Bad actors are killed at regular intervals, this is what most slasher fans want and it does at least deliver on that count. Some of the deaths are pretty gory, though the effects are dirt cheap looking. The house in which the movie is largely set is very creepy looking, and I liked the out of tune piano rendition of "Silent Night". Plus we have an almost obligatory girl in the shower scene.
Thankfully James Plumb directed this, which is hardly a recommendation, but producer Andrew Jones has been in the director's chair for some of the worst movies that I have ever seen.
My score 4/10, perhaps a bit generous but it is the Season of Goodwill!