If you read down and dirty pictures you find that the adjusted production price is what Miramax swelled up by using their own editors. Kevin Smith made the film in its entirety for around $25,000.
Pi was made from borrowed money from friends and family and at the time cost around $20,000.
Huge achievements in film-making, and produced for next to nothing. Only to say that it can be done, and the exceptions to the rule is the talent that makes them. You are right, for the most part films shot on a threadbare budget by an unknown cast and crew are usually crummy. These aren’t.