There's a lot to like with this film. There's some great cinematography, some genuinely scary moments and performances (I'm of course talking primarily about Rebekah Kennedy in Chapter II). Props to the practical effects and the CGI too because it works well, considering the budget likely being quite low.
It's not quite an anthology, but split up into halves, plus an epilogue. Which is not wholly unique but also not utilized often. This style mostly works, even if it feels slightly disjointed.
It isn't a perfect film however. It overstays its welcome by a little - I think because it is almost like two separate films, the length feels longer than it actually is. Then there is the frenetic editing reminiscent of early Saw films in a few scenes.
Overall I'd recommend this movie for genre fans. It's a very watchable indie horror effort. I would definitely watch a sequel, which the ending alludes to.