Favorite low budget film?

American Movie (1999) ⤵️
https://m.imdb.com/title/tt0181288/?ref=m_nv_sr_1

Off the top of my head "The Objective" (2008). Directed by Daniel Myrick who also made The Blair With Project.

"A military special operations team, led by a CIA case officer, are on a mission in the harsh and hostile terrain of Afghanistan where they find themselves in a Middle Eastern "Bermuda Triangle" of ancient evil."

creep

Circle (2016)
The Man from Earth (2007)

Both films develop in real time and in one room. They are both terrific.

The Blair Witch Project

Some standout mentions here, particularly Six-String Samurai and Rubber. I'll go with something I've gushed about here before:

The FP (2011) - $60,000 estimated budget.
Looking and sounding like a large budget feature, this movie hustles itself on the talent and skill of the people behind the scenes. It's a unique and absurd vision of a future where gangs rage turf wars with a Dance Dance Revolution-type game that sometimes kills people for reasons never explained. Almost every line of dialogue contains swearing to the point that it takes on poetic quality. It's consistently silly in ways that few movies attempt let alone achieve, and the closing shot must be seen to be believed. It's free to stream on tubitv, but I highly recommend seeking out a high quality HD copy.

Me and You and Everyone We Know (2005) - $2 million estimated budget.
It's an oddball romance between a struggling performance artist and a lonely shoe salesman, but it also explores notions of love and intimacy amongst a sprawl of equally oddball characters. The story and performances maintain a current of tender naturalism, and the whole thing has a soothing sweetness to it. Miranda July writes, directs and stars in a striking feature debut.

The Gods Must Be Crazy

Slacker