rathole

[rat-hohl]
noun
1.
a hole made by a rat, as into a room, barn, etc.: The first chore in the old building is to plug up the ratholes.
2.
the burrow or shelter of a rat.
3.
any small and uncomfortable room, office, apartment, etc., especially one that is dirty or disordered: He lives in a rathole near the docks.
Idioms
4.
down the rathole, for a worthless purpose or purposes: seeing your inheritance disappear down the rathole.

Origin:
1805–15; rat + hole

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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WordNet
rathole

noun
1. a hole (as in the wall of a building) made by rats 
2. a small dirty uncomfortable room 
WordNet® 3.0, © 2006 by Princeton University.
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Example sentences
Then send in the drillers, rathole and well, with the cementers to install a well head.
Western economies cannot afford to keep flushing money down a rathole.
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