Consider this: the wildly popular movie Unfriended brought in forty-eight million dollars in the box office, while only having a budget of one million dollars. Horror is a low risk genre with massive potential, because there is already a built in audience. If you stick to a well thought out script without the major computer graphic or special effects, it could be your way in.
You should be of course concerned with the quality of your screenwriting. Think of originality. There are so many horror movies that viewers don't want to be bored with the same old plots and scares. Try to draw out your own fears because this can inspire you to create even greater plots. It can also make you think of scenes that haven't been done before. Try to stay as close to reality as possible. The fact that it can happen to you is more frightening. Finally, don't overdue it. That makes your screenplay seem more like a parody than something truly scary.
Think about the movie Seven. It is based off of the seven deadly sins. They used an incredibly low budget with no special effects, but the plot made it so that you could really think it could happen to you. Also movies like It Follows and Get Out have been huge hits as compared to budget.
Offering a low budget movie as your first screenplay makes your script that much more attractive to potential producers. Not only that, it could be a huge hit. If this is your genre, you have a great window of opportunity. If you take advantage of it, you could really prosper.
This has been a guest post. Thanks to the writer and I invite others to post on screenwriting topics of their choosing.
If you would like a mini masterclass in the art of micro budget screen writing my book on the subject is now available in audio form. You can find it at audible and on Amazon.