You didn't do it wrong, you guys got the notes/chords all right at the right times, and the instruments are good. I'd say it's a good cover, and it does seem like it took some effort.
Here's some bad things, though: I personally feel like the lead singer didn't sound enthusiastic enough, like, I can tell he wasn't just mumbling the words, he tried, it just needs a little more UMPH. And if you're gonna do a song with explicit lyrics, just sing the explicit lyrics, it's not that hard! The last thing I'd like to say is maybe use electric instruments that are connected to a computer so you can make HD recordings.
Overall, I'd say it's not one of the best covers to this song I've heard, but it is not even remotely one of the worst. You guys did good, there's just a few things to improve, but other than that I'd say you didn't do bad at all! 3/5