This film was decent, certainly better than expected. The performances were strong and the directing was good. The setting really gave this film a nice feel.
The pacing slowed toward the end however, just when I expected things to heat up. I was on the edge of my seat a couple of times, ready for a scare but the scare never really came. So while the film did a nice job of setting the tone and creating a frightening atmosphere, it never really punched it home.
As far as the story is concerned, it never evolved, nor did it offer anything that you weren't already expecting. Furthermore, the characters didn't have any real history. Basically, nothing was fleshed out here. Granted, I realize you don't often get that sort of thing in a horror film but I thought this film could have benefited greatly from it.
In terms of cinematography, it had sort of an amateur feel, no doubt a result of the low budget. However, this may have helped rather than hurt matters, as the film did not rely on special effects and gore to create suspense. Everything good in this film was earned. There was nothing cheap about it.
For example, the greatest moments in the film come without the use of either special effects or gore - the first meeting with the old woman and the happenings concerning the old photograph on the wall.
Overall, the film is worthwhile but you'll probably agree that it fizzles out in the end.