"Expensive" is "drága", but we can't add a negating suffix to it like English adds "in-", so yes.
"Olcsó" is similar to "cheap" in that it can have different connotations in different contexts. It can simply mean "inexpensive" or "nem drága", but it can also mean poor quality.
That would be ronda. :)
Yes, it means "ugly", too. The words are pretty much synonymous.
The English equivalent would be "cheap and nasty". That would be a more idiomatic translation.
Whatever a "soft L" is. It's a normal Hungarian 'l' sound, which differs a bit from a typical English 'l' in that the tip of the tongue is right behind the teeth while pronouncing it.