Watertown Trust considers renting out unsold Ten Eyck Street house

Having a hard time finding a house to rent in the Watertown market, where there are so few available?

Neighbors of Watertown and the Watertown Local Development Corp., also known as the Watertown Trust, may soon have one ready for occupancy.

The two agencies are talking about renting out the two-story, three-bedroom house that Neighbors built at 122 Ten Eyck St. because no one has stepped forward to purchase it.

In recommending the idea Wednesday, Trust CEO Donald W. Rutherford said that revenue would be coming in, instead of the property costing the two agencies money.

“Why should we take the hit when we would be getting money for rent?” he said.

Last month, Trust board members lowered the price for the 1,600-square-foot house to $189,900 because no one has expressed any real interest in buying it since it went on the market a year ago. The home had been listed at $192,500; when it first went on the market, the price was $195,000.

Neighbors, the Watertown Trust and the Development Authority of the North Country, the three agencies involved in the project, stand to lose about $25,000 among them by taking less money for it.

DANC and the Trust loaned money for the project, putting $170,000 toward the house.

With the rental-property crunch, it would make sense to rent the house out for the next three or four years, rather than having to pay utilities and have it sit vacant over the winter, said Trust board member Donald C. Alexander. Trust members hope to get $1,200 to $1,500 in monthly rent.

Mr. Alexander mentioned that the Fort Drum housing market had a mere 18 available apartments, a 0.4 percent rate of vacancy, last month because so many soldiers are here now. Local leaders and the Fort Drum Regional Liaison are trying to ease the housing crunch with several planned apartment projects in the area.

The Trust’s loan committee agreed and approved Mr. Rutherford’s recommendation Wednesday morning. It will go to the full board next week.

Mr. Rutherford said Wednesday that DANC “has not been enthralled” with the idea of renting the house out, so he plans to discuss with DANC officials why it might make sense to do it.

Under the plan, the Trust would take over the papers, Neighbors would be the property manager and collect rent and then pay the Trust so that it can be applied against the mortgage, Mr. Rutherford said.

The Ten Eyck Street project is considered in-fill housing because it filled an empty lot in an existing neighborhood.