Horror films you feel are underrated.

Oh yes.  Agreed on all counts.  For those who've not seen it, though a different movie in many ways, if you're into Halloween 3, you'd probably like this.  Definitely check it out if your a Carpenter fan.

I know its lauded for the most part, but I don't think "Candyman" gets the respect it deserves overall.  Though the sequels took a nosedive, the original is really good.  The long shot of Tony Todd standing in the parking garage, despite it being broad daylight and he's far away, is perfectly sinister.  Another great horror score, creepy settings (the rougher parts of Chicago mainly), and a great story.  You really feel for Virginia Madsen's character.  Also she's really hot in this, which is always a plus.