I can understand why this film tends to be dismissed, but I actually think it's a good addition to the series. In comparison with many of the rather po-faced vampire films of more recent years (Coppola and 'Interview', no thanks), this at least tries something a bit different. The sub-plot involving the police and property development (!) is admittedly a bit odd, but in these post-Tarantino years should count as strengths. What do vampires do on their days off? - they invest in the property markets!
Anybody looking for cheap gore, exploitative thrills and a strange direction for the series should look no further. The later 'seven golden vampires' should be avoided, though.