If you can get past an incredible gross opening scene and a continuation of very juvenile humour then perhaps you will be able to enjoy it. Let's put it this way. It's an improvement on the original since there were actually moments that made me laugh. (But seriously whatever you do don't eat during this movie especially at that scene.)
However the whole premise and everything attached to it is incredibly stupid. I mean let's be real here. No adult and sane family would be living next to a bunch of college teens in the first place. Let alone they would remain living there. But it seems they finally wised up and are about to sell their house. Then trouble starts because of a whole escrow agreement their sale could get in jeopardy the minute the new sorority next to them cause mayhem and chaos. And that is pretty much a given. Luckily all this nonsense is made digestible because of the dynamics between Seth Rogen, Rose Byrne and Zac Efron. Only Chloe Moretz is completely out of her depth and is nowhere near as adorable and cute as she once was. Is that something she can be blamed for? Well, yes, because it's her whole attitude and approach to her role that makes her character very unlikable. Zac Efron who played the designated baddie in the original did a much better job of being obnoxious and charming at the same time. Chloe remains annoying throughout. I simply fail to see why they keep putting her in roles she can barely handle. And it didn't look like she put much effort in to make something of her role.
Speaking of Zac Efron. He does a follow up to many of the roles he has been playing of late and he seems to be much more in his element than in for example Dirty Grandpa. However I do hope that this is not something he will get stuck in since it would be nice for him to take on something serious. If for some reason you were hoping this would be more like Old School, Van Wilder or Bachelor Party then I will have to disappoint you. That level of comedy never gets reached. So if you keep your expectations low and think you can handle some gross and dirty jokes then overall this film will be doable.