Of all the 80s slasher films I've seen, this is definitely one of them.
Madman doesn't particularly stand out much amongst the thousands of other slasher films, it doesn't help that this film is based on the same urban legend as The Burning, a much better film.
Many reviews are comparing this to Friday the 13th and rightly so, they share a setting and rely on the same slasher movie archetypes but I think I prefer Madman to Friday the 13th.
Both have awkward pacing but Madman has enough camp (ha) factor to make it interesting whereas Friday has a tendency to drag for long periods but Friday has better gore.
Madman won't blow anyone's mind but as a cheap slasher film, it works well enough.
It's the movie equivalent of a blender; it's a functional enough product but you won't think about it for long.