This was a pretty damn good horror-noir thriller. It's a shame the critics of the late 80's totally set it on fire and curb stomped it out.
The acting, photography, production values, etc. are all at the top, even compared to movies now, much less in 1987. De Niro and Rourke both give their A game, too. That's nothing to ignore.
It's quite tame, by today's horror/gore standards, really. A typical episode of The Walking Dead has more gore and anything from the New French Extremity horror film movement is MUCH worse. Irreversible, Martyrs, High Tension, etc. Much worse.
The Name Louis Cyphre is TERRIBLE, but other than that, it's up there with movies like Seven and Serpent and the Rainbow.
I think it had issues because Bill Cosby hated it, what with it having a nude scene with Lisa Bonet. But him hating on something should be considered a glowing recommendation these days.
I'd say give it a watch if you haven't yet and like hard R crime/supernatural horror films.
I should state this, though: Trigger Warning for rape.