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I saw it in the theater. I was almost 16 at the time. I thought it was pretty good at the time, though seeing it in the theater with the huge screen and powerful sound system made it seem better than it actually was. I definitely didn't love it though. At the time, Rocky III and IV were my favorites, and even back then I didn't think it held a candle to those two movies. I have a much lower opinion of it today. Even the first time I rewatched it, when it first came out on home video, I didn't like it as much.

"Is it the one where Rocky's kid rebels against him and ends in a street fight with his son's bully's father or something like that?"

Yes, but Rocky's street fight at the end was with his protege, Tommy Gunn, who had turned on him. He had no connection with his son's bully.