<PAGE>
                                 
                             FORM 10-K
                                 
                SECURITIES AND EXCHANGE COMMISSION
                      Washington D. C.  20549
                                 
                           ANNUAL REPORT
                                 
    Pursuant to Section 13 or 15(d) of the Securities Exchange
                            Act of 1934
            For the Fiscal year ended December 31, 1997
                  Commission file number 0-11578
                                 
    [X] Annual Report Pursuant to Section 13 or 15(d) of the Securities
    Exchange Act of 1934

     Exchange Act of 1934                          (No Fee Required)
                                 
    [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities

            Exchange Act of 1934          (No Fee Required)
                                 
                     AMERICAN REPUBLIC REALTY FUND I
        (Exact name of registrant as specified in its charter)
                                 
         Wisconsin                                      39-1421936
  (State or Other Jurisdiction of                      (I.R.S. Employer
  Incorporation or Organization)                       Identification Number)
                                 
6210 Campbell Road, Suite 140, Dallas, Texas         75248
(Address of Principal Executive Office               (Zip Code)
Registrant's Telephone Number, Including area code   (972) 380-8000
                                 
    Securities registered pursuant to Section 12(b) of the Act:
                                 
                                          Name of Each Exchange
 Title of Each Class                      on which Registered
         None                                    None

   Securities registered pursuant to Section 12 (g) of the Act:
                                 
                   Limited Partnership Interests
                         (Title of Class)
                                 
    Indicated by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
                        Yes  X .    No ___.
                                 
    Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained, to the best of Registrant's
knowledge in definitive proxy on information to statements incorporated
by reference in Part III of the Form 10-K or any amendment to this Form
10-K.
                                 
                Documents Incorporated by Reference
                                 
The Definitive Prospectus of American Republic Realty Fund I dated May 2, 1983
filed pursuant to Rule 424(b) is incorporated by reference as is the
Supplement to that Prospectus filed pursuant to Rule 424(b) on May 25,1984.
<PAGE>
                              PART I

Item 1.  Business

    The Registrant, American Republic Realty Fund I, (the
"Partnership"), is a limited partnership organized under the
Wisconsin Uniform Limited Partnership Act pursuant to a Certificate
of Limited Partnership dated December 22, 1982. As of December 31,
1997, the Partnership consisted of an individual general partner,
Mr. Robert J. Werra, (the "General Partner") and 926 limited
partners owning 11,OOO limited partnership interests at $1,OOO per
interest. The distribution of limited partnership interests
commenced May 2, 1983 and ended April 17, 1984, pursuant to a
Registration Statement on Form S-11 under the Securities Act of
1933 (Registration #0-11578) as amended.

    The Partnership was organized to acquire a diversified portfolio of
income-producing real properties, primarily apartments, as well as
office buildings, industrial buildings, and other similar
properties.

    During 1983 and 1984, the Partnership acquired four properties:
Kenwood Gardens Apartments, a 1O4 unit apartment community located
in Fort Myers, Florida (acquired on September 1, 1983, subsequently
disposed of by sale during 1988), Jupiter Plaza Office/Showroom, a
131,44O rentable square foot commercial building located in
Garland, Texas (acquired on September 29, 1983, subsequently
disposed of in foreclosure during 1988), Four Winds Apartments, a
154 unit apartment community located in Orange Park, Florida (Phase
I acquired September 12, 1983 and Phase II acquired May 1, 1984)
and Forestwood Apartments (formerly Oak Creek) a 263 unit apartment
community located in Bedford, Texas (acquired December 2O, 1983).
No additional properties were purchased by the Partnership and the
Partnership will not acquire additional properties in the future.
The properties remaining are described more fully in this report at
"Item 2. Properties".

    Univesco, Inc.("Univesco"), a Texas corporation, eighty four
percent owned by Robert J. Werra ("Univesco") manages the affairs
of the Partnership. Univesco acts as the managing agent with
respect to the Partnership's properties. Univesco may also engage
other on-site property managers and other agents to the extent the
management considers appropriate. The General Partner has ultimate
authority regarding property management decisions.

    The Partnership competes in the residential and commercial rental
markets.  Univesco prepared marketing analyses for all property
areas and determined that these areas contain other like properties
which are considered competitive on the basis of location,
amenities and rental rates. It is realistic to assume that
additional properties similar to the foregoing will be constructed
within their various market areas.

    No material expenditure has been made or is anticipated for either
Partnership-sponsored or consumer research and development
activities relating to the development or improvement of facilities
or services provided by the Partnership. There neither has been,
nor are any anticipated, material expenditures required to comply
with any federal, state, or local environmental provisions which
would materially affect the earnings or competitive position of the
Partnership.

    The Partnership is engaged solely in the business of real estate
investments. Its business is believed by management to fall
entirely within a single industry segment. Management does not
anticipate that there will be any material seasonal effects upon
the operation of the Partnership.
<PAGE>
Competition and Other Factors


    The majority of the Properties' leases are six to twelve month
terms. Accordingly, operating income is highly susceptible to
changing market conditions. Occupancy and local market rents are
driven by general market conditions which include job creation, new
construction of single and multi-family projects, and demolition
and other reduction in net supply of apartment units.

    Rents have generally been increasing in recent years due to the
generally positive relationship between apartment unit supply and
demand in the Partnership's markets. However, the properties are
subject to substantial competition from similar and often newer
properties in the vicinity in which they are located. In addition,
operating expenses and capitalized expenditures have increased as
units are updated and made more competitive in the market place.
(See Item 7 "Management's Discussion and Analysis of Financial
Condition and Results of Operations".)


Item 2.  Properties

    At December 31,  1997 the Partnership owned two properties with
approximately 416,623 net rentable square feet. Both properties are
apartment communities.

Name and Location      General Description of the Property
Forestwood             A fee simple interest in a 263 unit
Apartments             apartment community located in
                       Bedford, Texas, purchased in 1983
                       containing 244,407 net rentable
                       square feet on approximately 14
                       acres of land.
                       
Four Winds Apartments  A fee simple interest in an 100 unit
Phase I                community, located in Orange Park,
                       Florida, purchased in 1983,
                       containing approximately 110,716 net
                       rentable square feet on 10 acres of
                       land.
                       
Four Winds Apartments  A fee simple interest in a 54 unit
Phase II               apartment community located in
                       Orange Park, Florida, adjacent to
                       four Winds Apartments I, purchased
                       in 1984 and containing approximately
                       61,500 net rentable square feet on
                       3.73 acres of land.
<PAGE>
                       
                                 
                          Occupancy Rates
                                 
                             Per Cent
                                 


                 1993   1994   1995   1996   1997
Four Winds I&II  91.40% 93.10% 93.60% 93.3%  92.0%

Forestwood       96.90% 96.90% 97.80% 96.6%  97.0%




The Properties are encumbered by non-recourse mortgages payable.
For information regarding the encumbrances to which the properties
are subject and the status of the related mortgage loans, see
"Management's Discussion and Analysis of Financial Condition and
Results of Operating - Liquidity and Capital Resources" contained
in Item 7 hereof and Note 2 to the  Financial Statements contained
in Item 8.



Item 3.  Legal Proceedings

    None.


Item 4.  Submission of Matters to a Vote of Security Holders



    No matters were submitted to a vote of the unit holders of the
Partnership during the fourth quarter of 1997.

    By virtue of its organization as a limited partnership, the
Partnership has outstanding no securities possessing traditional
voting rights.  However, as provided and qualified in the Limited
Partnership Agreement, limited partners have voting rights for,
among other things, the removal of the General Partner and
dissolution of the Partnership.
<PAGE>
                              PART II

Item 5.   Market for the Partnership's Securities and Related Unit
          Holder Matters


The Partnership's outstanding securities are in the form of Limited
Partnership Interests ("Interests"). The distribution period for
the sale of the Interests began May 2, 1983,and closed April 17,
1984. As of December 31, 1997 there were approximately 926 limited
partners owning 11,000 limited partnership interests at $1,000 per
interest. A public market for trading Interests has not developed
and none is expected to develop. In addition, transfer of an
Interest is restricted pursuant to the Limited Partnership
Agreement.

The General Partner continues to review the Partnership's ability
to make distributions on a quarter by quarter basis, however, no
such distributions have been made and none are anticipated in the
immediate future due to the debt service requirements of the
Partnership.

An analysis of taxable income or (loss) allocated, and cash
distributed to Investors per $1,000 unit is as follows:

YEARS  INCOME    GAIN   LOSS       CASH
                               DISTRIBUTED
 1984      $0      $0     $342        $0
 1985       0       0     $291         0
 1986       0       0     $271         0
 1987       0       0     $279         0
 1988       0     $43      $63         0
 1989       0     $38     $127         0
 1990       0       0     $126         0
 1991       0       0     $122         0
 1992    $121       0        0         0
 1993      $2  $1,071        0         0
 1994     $17       0        0         0
 1995       0 (a)   0        0         0
 1996     $45       0        0         0
 1997      $0       0      $70         0

(a) For Federal Income Tax purposes income only was reallocated in
accordance with  704(b) and the regulations promulgated thereunder
of the Internal Revenue code of 1986 as amended.

<PAGE>
Item 6:   Selected Financial Data

The following table sets forth selected financial data regarding the
Partnership's results of operations and financial position as of
the dates indicated. This information should be read in conjunction
with "Management's Discussion and Analysis of Financial Condition
and Results of Operations" contained in Item 7 hereof and Financial
Statements and notes thereto contained in Item 8.


     Year Ended December 31.
(in thousands except unit and per
          unit amounts)
                                                              
                                    1997  1996  1995  1994  1993
                                                                
Limited Partner Units Outstanding  11,000  11,000 11,000 11,000 11,000
                                                                
Statement of Operations                                         
  Total Revenues                   $2,534 $2,458 $2,409 $2,311 $2,315
  Net Income (Loss) before          (112)    258   248   233    353
  extraordinary items
  Extraordinary Item-gain on         252      0     0     0     0
  extinguishment of debt
  Extraordinary Item - gain on         0      0     0     0   451
  forgiveness of debt
  Net Income                          140    258   248   233   804
  Limited Partner Net Income per     12.60 23.22 22.31 20.93 72.35
  Unit - Basic
  Cash Distributions to Limited        0     0     0     0     0
  Partners per Unit  - Basic
                                                                
                                                                
Balance Sheet:                                                  
  Real Estate, net                 $8,134 $8,420 $8,954 $9,522 $10,062
  Total Assets                      9,092  8,645  9,099  9,795  10,268
  Mortgages Payable                10,770  7,240  7,998  8,757   9,516
  Notes Payable to Affiliate          760  2,935  3,108  3,444   3,392
  Partner's Deficit                (2,835)(2,975)(3,233)(3,481) (3,713)
<PAGE>
Item 7.   Management's Discussion and Analysis of Financial Conditions
and Results of Operations

This discussion should be read in conjunction with Item 6 -
"Selected Financial Data" and Item 8 - "Financial Statements and
Supplemental Information" .

Results of Operations: 1997 VERSUS 1996 -

Revenue from Property Operations increased $75,345 or 3.06% as
compared to 1996.  This increase is primarily attributed to a
$59,982 increase in rental revenues which was principally due to an
increase in rents partially offset by a slight decrease in average
occupancy.  Interest income increased $8,266 due to an increase in
available funds for investment during 1997.  The increase in other
operating revenues of $7,097 were principally caused by a increase
in fees from tenants and vending revenues. The following table
illustrates the increases:

                  Increase
                        
Rental income     $59,982
Interest            8,266
Other               7,097
Net Increase      $75,345

Property operating expenses for 1997 increased $445,118 or 20.23%.
Interest expense on mortgage payable increased $482,222 due
primarily to refinancing of both properties mortgages. (See
discussion below - Gain on Early Estingushment of Debt).  Interest
expense on Note payable to affiliates decreased due to the
repayment of a substantial portion of the amount owed to affiliates
with excess proceeds from the refinancing of the mportgages
payable.  General and administrative expenses increased due
primarily to increased professional fees and
payroll expenses.  Maintenance and repairs increased $26,109 or
8.64% due primarily to deferred maintenance items required by the
new mortgage lenders.  Property management fees are paid to an
affiliated entity and represent approximately 5% of gross revenues
(see Note 3 to the Financial Statements and Schedule Index
contained in Item 8.) The following table illustrates the increases
or (decreases):

                  Increase
                  (Decrease)
                        
Interest Expense on N/P Affiliate    $(123,679)
Interest Expense on Mortgages Pay      482,222
General administrative                   5,565
Maintenance & repairs                   26,109
Utilities                                 (531)
Real estate taxes                        2,371
Advertising and Marketing                1,693
Depreciation and amortization           47,417
Property management fees                 3,951
Administrative Service fee                   0
                        
Net Increase                          $445,118
<PAGE>
Extraordinary Item - Gain on Early Extinguishment of Debt

Until their repayment in July 1997  with proceeds obtained through
the issuance of new mortgage notes, the then existing mortgage
notes, as a result of a previous year troubled debt restructuring,
were carried at a value equal to to future cash outflows for
principal and interest less total payments made.  All principal and
interest payments directly reduced the carrying value of the debt,
and no interest expense was recognized.  As a result of the early
extinguishment of these debt instruments, a non-cash gain of
$251,785 was recorded during 1997.

Results of Operations: 1996 VERSUS 1995 -

Revenue from Property Operations increased $49,187 or 2.04% as
compared to 1995.  This increase is primarily attributed to a
$59,184 increase in rental revenues which was principally due to an
increase in rents partially offset by a slight decrease in average
occupancy.  Interest income decreased $2,464 due to a decrease in
available funds for investment during 1996.  The decrease in other
operating revenues of $7,533 were principally caused by a decrease
in fees from tenants and vending revenues. The following table
illustrates the increases or (decreases):

                  Increase
                  (Decrease)
                        
Rental income     59,184
Interest          (2,464)
Other             (7,533)
Net Increase      49,187

Property operating expenses for 1996 increased $39,127 or 1.81%.
Interest expense on note payable to affiliates decreased due
primarily to reduction in long term debt as a result of normal
amortization of the loan balance. The increase in real estate taxes
is due to increases in valuation of properties and anticipated
increases in property tax rates.  General and administrative
expenses increased due primarily to increased professional fees and
payroll expenses.  Maintenance and repairs increased $65,596 or
27.74% due primarily to exterior painting, parking lot and roof
repairs.  Property management fees are paid to an affiliated entity
and represent approximately 5% of gross revenues (see Note 3 to the
Financial Statements and Schedule Index contained in Item 8.) The
following table illustrates the increases or (decreases):

                  Increase
                  (Decrease)
                        
Interest Expense on N/P Affiliates  (38,896)
General administrative               12,775             
Maintenance & repairs                65,596 
Utilities                           (12,813)
Real estate taxes                    22,387
Advertising and Marketing             2,514
Depreciation and amortization       (14,865)
Property management fees              2,429 
Administrative Service Fee                0

Net Increase                         39,127
<PAGE>

Liquidity and  Capital Resources

While it is the General Partner's primary intention to operate and
manage the existing real estate investments, the General Partner
also continually evaluates this investment in light of current
economic conditions and trends to determine if these assets should
be considered for disposal. At this time, there is no plan to
dispose of either Property.

As of  December 31, 1997, the Partnership had $16,900 in cash and
cash equivalents as compared to $23,211 as of December 31, 1996.
See Note 3 to the Financial Statements contained in Item 8 for
information regarding related party transactions.

The properties are encumbered by two non-recourse mortgage notes as
of December 31, 1997.  These mortgages payable have a carrying
value of $10,769,977 at December 31, 1997.  The mortgage notes were
entered into during 1997 to refinance certain mortgage notes.  (See
earlier discussion entitled "Extraordinary Item - Gain on Early
Extiguishment of Debt").  The refinancing of these mortgage notes
resulted in a gain from early extinguishment of debt.

Additionally, the general partner has provided funding to the
Partnership in the form of notes payable with balances at December
31,1997 totaling $759,788 which accrue interest at rates ranging
from prime plus 2% to 10% and are due on June 30, 2001, or upon
demand  The general partner is not obligated to provide additional
funding to the Partnership.

For the foreseeable future, the Partnership anticipates that
mortgage principal payments (excluding any balloon mortgage
payments), improvements and capital expenditures will be funded by
net cash from operations. The primary source of capital to fund
balloon mortgage payments  will be proceeds from the sale,
financing or refinancing of the Properties.

The Partnership's required principal payments due under the stated
terms of the Partnership's  mortgage notes payable and notes
payable to affiliates are $94,927, $102,678, $111,063, $879,919 and
$129,941 for each of the next five years.

Year 2000
The partnership anticipates that it will not incur any costs
associated with its computers and building operating systems as it
relates to the conversion to the year 2000.
<PAGE>
Risk Associated with Forward-Looking Statements Included in this Form 10- K
    This Form 10-K contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, which are
intended to be covered by the safe harbors created thereby.  These
statements include the plans and objectives of management for
future operations, including plans and objectives relating to
capital expenditures and rehabilitation costs on the Properties.
The forward-looking statements included herein are based on current
expectations that involve numerous risks and uncertainties.
Assumptions relating to the foregoing involve judgments with
respect to, among other things, future economic, competitive and
market conditions and future business decisions, all of which are
difficult or impossible to predict accurately and many of which are
beyond the control of the Company.  Although the Company believes
that the assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could be inaccurate and,
therefore, there can be no assurance that the forward-looking
statements included in this Form 10-K will prove to be accurate.
In light of the significant uncertainties inherent in the forward-
looking statements included herein, the inclusion of such
information should not be regarded as a representation by the
Company or any other person that the objectives and plans of the
Company will be achieved.
<PAGE>
AMERICAN REPUBLIC REALTY FUND I
(A WISCONSIN LIMITED PARTNERSHIP)

ITEM 8 - FINANCIAL STATEMENTS AND SCHEDULE INDEX


                                                               Page
                                                                   
INDEPENDENT AUDITORS' REPORT                                    1

COMBINED BALANCE SHEETS                                         2

COMBINED STATEMENTS OF INCOME                                   3

COMBINED STATEMENTS OF PARTNERS' EQUITY (DEFICIT)               4

COMBINED STATEMENTS OF CASH FLOWS                               5

NOTES TO COMBINED FINANCIAL STATEMENTS                         6-11

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION       12-13

<PAGE>
INDEPENDENT AUDITORS' REPORT
 
 
To the General Partner
   and Limited Partners of
   American Republic Realty Fund I
Dallas, Texas

We have audited the accompanying combined balance sheets of
American Republic Realty Fund I and subsidiary (a Wisconsin
limited partnership) (the "Partnership") as of December 31,
1997 and 1996, and the related combined statements of income,
partners' equity (deficit) and cash flows for each of the three
years in the period ended December 31, 1997.  Our audits also
included the financial statement schedule listed in the index
at Item 14(a)(2).  The combined financial statements and
combined financial statement schedule are the responsibility of
the Partnership's management.  Our responsibility is to express
an opinion on the combined financial statements and combined
financial statement schedule based on our audits.

We conducted our audits in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the combined financial statements are free of material
misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the combined
financial statements.  An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall combined
financial statement presentation.  We believe that our audits
provide a reasonable basis for our opinion.

In our opinion, such combined financial statements present
fairly, in all material respects, the financial position of the
Partnership as of December 31, 1997 and 1996, and the results
of their operations and their cash flows for each of the three
years in the period ended December 31, 1997, in conformity with
generally accepted accounting principles.  Also, in our
opinion, such combined financial statement schedule, when
considered in relation to the basic combined financial
statements taken as a whole, presents fairly in all material
respects the information set forth therein.

DELOITTE & TOUCHE LLP

/S/DELOITTE & TOUCHE LLP

Dallas, Texas
February 23, 1998
<PAGE>
AMERICAN REPUBLIC REALTY FUND I
(A Wisconsin Limited Partnership)

COMBINED BALANCE SHEETS
DECEMBER 31, 1997 AND 1996


ASSETS                                                   1997        1996
                               
INVESTMENTS IN REAL ESTATE AT COST:
Land                                                  $1,822,718  $1,822,718
Buildings, improvements and furniture and fixtures    15,348,507  14,994,509

                                                      17,171,225  16,817,227

Less accumulated depreciation                         (9,037,393) (8,397,635)

                                                       8,133,832   8,419,592

CASH AND CASH EQUIVALENTS                                 16,900      23,211

ESCROW DEPOSITS                                          702,955     182,966

DEFERRED FINANCING COSTS, Net of accumulated amortization
of $11,472 at December 31, 1997                          217,958        -

PREPAID EXPENSES                                          20,686      19,614

TOTAL                                                 $9,092,331  $8,645,383


LIABILITIES AND PARTNERS' DEFICIT

MORTGAGES PAYABLE                                    $10,769,977  $7,239,679

NOTES PAYABLE TO AFFILIATES                              759,788    2,935,310

AMOUNTS DUE AFFILIATES                                    45,235    1,282,696

ACCOUNTS PAYABLE AND ACCRUED EXPENSES                     306,030     117,202

SECURITY DEPOSITS                                          46,591      45,746

                                                       11,927,621  11,620,633

COMMITMENTS AND CONTINGENCIES

PARTNERS' DEFICIT                                     (2,835,290) (2,975,250)

TOTAL                                                 $9,092,331  $8,645,383


See notes to combined financial statements.
<PAGE>
AMERICAN REPUBLIC REALTY FUND I
(A Wisconsin Limited Partnership)

COMBINED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


                                       1997      1996       1995

INCOME:
   Rentals                                   $2,479,762  $2,419,780 $2,360,596
   Interest                                      12,343       4,077      6,541
   Other                                         41,692      34,595     42,128

           Total income                       2,533,797   2,458,452  2,409,265

OPERATING EXPENSES:
Interest expense on note payable to affiliates  179,024     302,703    341,599
Interest expense on mortgages payable           482,222        -          -
General and administrative                      388,767     383,202    370,427
Maintenance and repairs                         328,152     302,043    236,447
Utilities                                       181,441     181,972    194,785
Real estate taxes                               256,902     254,531    232,144
Advertising and marketing                        41,046      39,353     36,839
Depreciation and amortization                   651,230     603,813    618,678
Property management fee to affiliate            126,830     122,879    120,450
Administrative service fee to general partner    10,008      10,008     10,008

Total operating expenses                      2,645,622   2,200,504  2,161,377

NET INCOME (LOSS) BEFORE
EXTRAORDINARY GAIN                             (111,825)    257,948    247,888

EXTRAORDINARY GAIN - Gain on early
extinguishment of debt                           251,785       -         -

NET INCOME                                      $139,960   $257,948   $247,888

NET INCOME PER LIMITED PARTNERSHIP
UNIT - BASIC:
Net income (loss) before extraordinary gain      $(10.06)    $23.22     $22.31
Extraordinary gain - Gain on early
extinguishment of debt                             22.66        -          -

Net income - Basic                                $12.60     $23.22     $22.31

LIMITED PARTNERSHIP UNITS
   OUTSTANDING - BASIC                            11,000     11,000    11,000

See notes to combined financial statements.
<PAGE>
AMERICAN REPUBLIC REALTY FUND I
(A Wisconsin Limited Partnership)

COMBINED STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


                                     General   Limited
                                     Partner   Partners    Total

BALANCE, JANUARY 1, 1995              $50,884  $(3,531,970)  $(3,481,086)

   Net income                           2,479      245,409       247,888

BALANCE, DECEMBER 31, 1995             53,363   (3,286,561)   (3,233,198)

   Net income                           2,579      255,369       257,948

BALANCE, DECEMBER 31, 1996             55,942   (3,031,192)   (2,975,250)

   Net income                           1,400      138,560       139,960

BALANCE, DECEMBER 31, 1997            $57,342  $(2,892,632)  $(2,835,290)


See notes to combined financial statements.
<PAGE>
AMERICAN REPUBLIC REALTY FUND I                              
(A Wisconsin Limited Partnership)

COMBINED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


                                                     1997      1996      1995

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                          $139,960 $257,948 $247,888
Adjustments to reconcile net income to
cash provided by operations:
Extraordinary gain on early extinguishment of debt   (251,785)   -        -
Depreciation and amortization                         651,230  603,813 618,678
Change in assets and liabilities:
Escrow deposits                                       (91,894) (80,458) 43,557
Security deposits                                         845   (5,672)(5,122)
Accounts payable and accrued expenses                 188,828   62,940(10,845)
Prepaid expenses                                       (1,072)   3,982 (3,837)

                                                       496,152 584,605 642,431

Net cash provided by operating activities              636,112 842,553 890,319

CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in real estate                     (353,998)   (69,345)  (50,396)
Net payments to reserve for replacement        (428,095)      -         -

Net cash used in investing activities          (782,093)   (69,345)  (50,396)

CASH FLOWS FROM FINANCING ACTIVITIES:
Additions to mortgages payable                   10,800,000     -         -
Deferred financing costs                           (229,430)    -         -
Payments on mortgages payable                  (7,017,917) (758,646) (758,647)
Payments on notes payable to affiliates        (2,175,522) (172,771) (336,412)
(Payments) proceeds on amounts due affiliates  (1,237,461)  162,373   166,894

Net cash provided by (used in) financing activities 139,670 (769,044)(928,165)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (6,311)   4,164  (88,242)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR         23,211   19,047  107,289

CASH AND CASH EQUIVALENTS, END OF YEAR              $16,900   $23,211 $19,047

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for interest           $1,775,590 $302,703 $330,968

Extraordinary gain on early extinguishment of debt $(251,785) $   -       $-


See notes to combined financial statements.
<PAGE>
AMERICAN REPUBLIC REALTY FUND I
(A WISCONSIN LIMITED PARTNERSHIP)

NOTES TO COMBINED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


1. SUMMARY OF ACCOUNTING POLICIES
   
   General - American Republic Realty Fund I (the "Partnership"), a
   Wisconsin limited partnership, was formed on December 22, 1982,
   under the laws of the state of Wisconsin, for the purpose of
   acquiring, maintaining, developing, operating, and selling
   buildings and improvements.  The Partnership operates rental
   apartments in Florida and Texas.  The Partnership will be
   terminated by December 31, 2012, although this date can be
   extended if certain events occur.  The general partner is
   Mr. Robert J. Werra.
   
   An aggregate of 20,000 units valued at $1,000 per unit is
   authorized, of which 11,000 were outstanding for each of the
   three years ended December 31, 1997.  Under the terms of the
   offering, no additional units will be offered.
   
   Allocation of Net Income (Loss) and Cash - Net income and net
   operating cash flow, as defined in the limited partnership
   agreement, are allocated first to the limited partners in an
   amount equal to a variable distribution preference on capital
   contributions from the first day of the month following their
   capital contribution and, thereafter, generally 10% to the
   general partner and 90% to the limited partners.  Net loss is
   allocated 1% to the general partner and 99% to the limited
   partners.
   
   Net income from the sale of property is allocated first, to the
   extent there are cumulative net losses, 1% to the general
   partner and 99% to the limited partners; second, to the limited
   partners in an amount equal to their distribution preference;
   and, thereafter, 15% to the general partner and 85% to the
   limited partners.
   
   Cash proceeds from the sale of property or refinancing are
   allocated first to the limited partners to the extent of their
   capital contributions and their distribution preference and,
   thereafter, 15% to the general partner and 85% to the limited
   partners.
   
   Basis of Accounting - The Partnership maintains its books and
   prepares its income tax returns using the accrual income tax
   basis of accounting.  Memo adjustments have been made in
   preparing the accompanying financial statements in accordance
   with generally accepted accounting principles (see Note 5).  The
   financial statements include only those assets, liabilities and
   results of operations which relate to the business of the
   Partnership.  The financial statements do not include any
   assets, liabilities, revenues or expenses attributable to the
   partners' individual activities.
   
   Property and Equipment - Buildings, improvements, and furniture
   and fixtures are depreciated for financial statement purposes
   using the straight-line method over the estimated useful lives
   of the assets, which are five years for improvements and
   furniture and fixtures and 25 years for buildings.  Partnership
   management routinely reviews its investments for impairment
   whenever events or changes in circumstances indicate that the
   carrying amount of an asset may not be recoverable.
<PAGE>
   
   Income Taxes - No provision has been made for income taxes since
   these taxes are the personal responsibility of the individual
   partners.  For tax purposes, the basis of the Partnership assets
   is $4,471,554 at December 31, 1997.
   
   Revenue Recognition - The Partnership has leased substantially
   all of its investments in real estate under operating leases for
   periods generally less than one year.
   
   Deferred Financing Costs - Costs incurred to obtain mortgage
   financing are being amortized over the life of the mortgage
   using the straight-line method.
   
   Combination - The financial statements include the accounts of
   the Partnership and a wholly owned entity.  All intercompany
   amounts have been eliminated.
   
   Cash and Cash Equivalents - For purposes of the statement of
   cash flows, the Partnership considers all highly liquid
   instruments with an original maturity at the date of purchase of
   three months or less to be cash equivalents.  Univesco, Inc.
   ("Univesco"), an affiliate of the general partner, Robert J.
   Werra, and the management agent, maintains a single controlled
   disbursement account for all properties managed by Univesco.
   Funds are transferred at the time of cash disbursements from the
   project's operating account to the controlled disbursement
   account to reimburse checks issued.
   
   Computation of Earnings Per Unit - The Partnership has adopted
   Statement of Financial Accounting Standards ("SFAS") No. 128,
   "Earnings per Share."  Comparative earnings per unit data have
   been restated to conform to the adoption of this new standard.
   Basic earnings per unit is computed by dividing net income
   (loss) attributable to the limited partners' interests by the
   weighted average number of units outstanding.  Earnings per unit
   assuming dilution would be computed by dividing net income
   (loss) attributable to the limited partners' interests by the
   weighted average number of units and equivalent units
   outstanding.  The Partnership has no equivalent units
   outstanding for any period presented.
   
   Environmental Remediation Costs - The Partnership accrues for
   losses associated with environmental remediation obligations
   when such losses are probable and reasonably estimable.
   Accruals for estimated losses from environmental remediation
   obligations generally are recognized no later than completion of
   the remedial feasibility study.  Such accruals are adjusted as
   further information develops or circumstances change.  Costs of
   future expenditures for environmental remediation obligations
   are not discounted to their present value.  Recoveries of
   environmental remediation costs from other parties are recorded
   as assets when their receipt is deemed probable.  Partnership
   management is not aware of any environmental remediation
   obligations which would materially affect the operations,
   financial position or cash flows of the Partnership.
   
   Use of Estimates - The preparation of financial statements in
   conformity with generally accepted accounting principles
   requires management to make estimates and assumptions that
   affect reported amounts of certain assets, liabilities, revenues
   and expenses as of and for the reporting periods.  Actual
   results may differ from such estimates.
   
   Other - SFAS No. 130, "Reporting on Comprehensive Income," was
   issued in June 1997 and established standards for reporting and
   presenting comprehensive income in financial statements.  It is
   effective for periods beginning after December 15, 1997, and
   will be adopted by the Partnership effective January 1, 1998.
   The Partnership anticipates the adoption of SFAS No. 130 will
   not have any impact on its current disclosures.
 <PAGE>
  
   Also issued in June 1997 was SFAS No. 131, "Disclosures about
   Segments of an Enterprise and Related Information," which
   redefines how operating segments are determined and requires
   disclosure of certain financial and descriptive information
   about a company's operating segments.  SFAS No. 131 may require
   additional disclosure by the Partnership and will be effective
   for the Partnership beginning January 1, 1998.
   
   SFAS No. 132, "Employers' Disclosures About Pensions and Other
   Postretirement Benefits," was issued in February 1998 and
   revises disclosures about pension and other postretirement
   benefit plans.  It is effective for periods beginning after
   December 15, 1997, and will be adopted by the Partnership
   effective January 1, 1998.  As the Partnership does not have any
   such benefit plans, the adoption will not have any impact on its
   current disclosures.
   
2. MORTGAGES PAYABLE
   
   Mortgages payable at December 31, 1997 and 1996, consisted of
   the following:
   
                                                  1997       1996
    
    7.92% mortgage note, original face value $6,800,000, payable in
    monthly principal and interest payments of $49,517 through
    August 1, 2007, at which time a lump-sum payment of
    approximately $5,945,187 is due.  This mortgage note is
    secured by real estate assets with a net book value of
    approximately $5,184,350.                       $6,781,266      $ -
    
    7.8% mortgage note, original face value $4,000,000, payable
    in monthly principal and interest payments of $28,795 through
    August 1, 2007, at which time a lump-sum payment of
    approximately $3,488,279 is due.  This mortgage note is
    secured by real estate assets with a net book value of
    approximately $2,949,482.                          3,988,711    -
    
    9.125% mortgage note, original face value $4,300,000,
    payable in monthly principal and interest payments of
    $36,454 through February 1, 1998, at which time a lump-sum
    payment of approximately $4,010,000 was due.  As a result of a
    previous-year troubled debt restructuring, the mortgage note
    was
    carried at a value equal to total future cash outflows for
    principal
    and interest, less total payments made.  All principal and
    interest
    payments directly reduced the carrying value of the debt,
    and no interest expense was recognized over the life of the
    note.  The mortgage note was repaid with proceeds from the
    refinancing that occurred in July 1997.                -      4,571,566
<PAGE>
    
                                                          1997       1996
    
    10.125% mortgage note, original face value $2,750,000, payable
    in monthly principal and interest payments of $26,766 through
    July
    1997, at which time a lump-sum payment of approximately
    $2,473,000 was due.  As a result of previous-year troubled debt
    restructuring, the mortgage note was carried at a value equal
    to total
    future cash outflows for principal and interest, less total
    payments
    made.  All principal and interest payments directly reduced the
    carrying value of the debt, and no interest expense was
    recognized over the life of the note.  The mortgage note was
    repaid with proceeds from the refinancing that occurred
    in July 1997.                                    $  -         $2,668,113
    
                                                     $10,769,977  $7,239,679
    
   The mortgages payable are collateralized by their related
   investments in real estate.
   
   The following sets forth the required principal payments due
   under the stated terms of the Partnership's mortgage notes
   payable and notes payable to affiliates.
   
    1998                                                 $ 94,927
    1999                                                  102,678
    2000                                                  111,063
    2001                                                  879,919
    2002                                                  129,941
    Thereafter                                         10,211,237
    
3. RELATED PARTY TRANSACTIONS
   
   The partnership agreement specifies certain fees to be paid to
   the general partner or his designee.  An affiliate of the
   general partner receives an ongoing property management fee
   generally payable at 5% of the Partnership's gross receipts.
   The following fees and reimbursement of Partnership
   administrative expenditures were earned by an affiliate of the
   general partner in 1997, 1996 and 1995:
   
                                          1997    1996     1995
    
    Property management fee           $126,830 $122,879 $120,450
    Administrative service fee          10,008   10,008   10,008
    
   The general partner held a $1,300,000 promissory note of the
   Partnership for each of the two years ended December 31, 1996,
   which bore interest at a rate of 10%.  This note was scheduled
   to mature on June 30, 2001; however, in July 1997, the note was
   paid off with excess funds from the mortgage refinancings.  At
   December 31, 1996, the payable balance of $1,300,000 is included
   in notes payable to affiliates.  Accrued interest of $987,750 at
   December 31, 1996, is included in amounts due to affiliates.
   For each of the three years ended December 31, 1997, 1996 and
   1995, interest expense incurred on the note was $65,000,
   $130,000 and $130,000, respectively.
   <PAGE>
   At December 31, 1997 and 1996, a note payable bearing interest
   at a rate of 10% was owed to an affiliate of the general
   partner.  The note balance, which is included in notes payable
   to affiliates, was $300,461 and $350,000 at December 31, 1997
   and 1996, respectively.  The note is scheduled to mature on
   June 30, 2001.  No payments of principal and interest were
   scheduled to be paid until maturity; however, a payment of
   $355,000 was made with excess funds from the refinancing in
   July 1997, including a $305,461 payment for accrued interest.
   For each of the years ended December 31, 1997, 1996 and 1995,
   interest expense incurred on the note was $31,904, $35,000 and
   $35,000, respectively.  Accrued interest of $18,779 and $292,336
   at December 31, 1997 and 1996, respectively, is included in
   amounts due to affiliates.
   
   At December 31, 1997 and 1996, a note payable bearing interest
   at prime plus 2% was owed to the general partner.  The note
   balance, which is included in notes payable to affiliates, was
   $459,327 and $1,076,444 at December 31 1997 and 1996,
   respectively.  Unpaid principal and interest is due on June 30,
   2001, or upon demand.  There is no accrued interest payable at
   December 31, 1997 and 1996.  For the years ended December 31,
   1997, 1996 and 1995, interest expense incurred on the note was
   $66,996, $116,950 and $157,429, respectively.
   
   The general partner had made advances under a note agreement to
   the Partnership which bore interest at prime plus 2%.  At
   December 31, 1996, the total advances under this note were
   $208,866, including accrued interest of $20,279; however, the
   advances, plus accrued interest of $30,768, were paid off with
   excess funds from the refinancing in July 1997.
   
4. COMMITMENTS
   
   The Partnership will pay a real estate commission to the general
   partner or his affiliates in an amount not exceeding the lesser
   of 50% of the amounts customarily charged by others rendering
   similar services or 3% of the gross sales price of a property
   sold by the Partnership, provided that the limited partners have
   received their original capital plus preferential interest, as
   defined.
   
5. RECONCILIATION OF BOOK TO TAX LOSS (UNAUDITED)
   
   If the accompanying financial statements had been prepared in
   accordance with the accrual income tax basis of accounting
   rather than generally accepted accounting principles ("GAAP"),
   the excess of expenses over revenues for 1997 would have been as
   follows:
   
  Net income per accompanying financial statements                $139,960
  Add - book basis depreciation and amortization expense using
  straight-line method                                             651,230
  Deduct - revenues and expenses recognized by GAAP               (282,086)
  Deduct - income tax basis depreciation and amortization expense
  using ACRS method                                               (755,401)
  Deduct - difference in income tax basis interest expense        (513,675)
    
  Excess of expenses over revenues, accrual income tax basis     $(759,972)
   <PAGE>
 
6. ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS
   
   The following estimated fair value amounts have been determined
   using available market information or other appropriate
   valuation methodologies that require considerable judgment in
   interpreting market data and developing estimates.  Accordingly,
   the estimates presented herein are not necessarily indicative of
   the amounts that the Partnership could realize in a current
   market exchange.  The use of different market assumptions and/or
   estimation methodologies may have a material effect on the
   estimated fair value amounts.
   
   The fair value of financial instruments that are short-term or
   reprice frequently and have a history of negligible credit
   losses is considered to approximate their carrying value.  These
   include cash and cash equivalents, short-term receivables,
   accounts payable and other liabilities.
   
   Management has reviewed the carrying values of its mortgages
   payable and its notes payable to related parties in connection
   with interest rates currently available to the Partnership for
   borrowings with similar characteristics and maturities and has
   determined that their estimated fair value would approximate
   their carrying value as of December 31, 1997 and 1996.
   
   The fair value information presented herein is based on
   pertinent information available to management.  Although
   management is not aware of any factors that would significantly
   affect the estimated fair value amounts, such amounts have not
   been comprehensively revalued for purposes of these financial
   statements since that date, and therefore, current estimates of
   fair value may differ significantly from the amounts presented
   herein.
   
                              ******
<PAGE>
AMERICAN REPUBLIC REALTY FUND I
(A Wisconsin Limited Partnership)

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 1997

                                     Initial Cost
                                    to Partnership

                                               Buildings           Total
Description                Encum-                 and          Subsequent to
                           brances     Land   Improvements       Acquisition

26 two-story apartment
buildings of concrete
block construction
with stucco and cedar
exterior and gabled
roofs located in
Jacksonville, Florida      (b)      $583,000   $5,686,771      $189,677

37 two-story apartment
buildings  of concrete
block construction
with brick veneer,
stucco and wood
siding exterior
and  composition.
shingled roofs located
in Bedford, Texas        (b)       $1,239,718    8,679,421     $792,638
                                   @1,822,718  $14,366,192     $982,315




                                Gross Amounts at Which
                                Carried at Close of Year

                                        Buildings
Description                                and                  Accumulated
                                 Land   Iprovements   Total     Depreciation
26 two story apartment
buildings of concrete
block construction
with stucco and cedar
exterior and gabled
roofs located in
Jacksonville, Florida         $583,000  $5,876,448  $6,459,448  $3,509,966

37 two story apartment
buildings of concrete
block construction
with brick vaneer
stucco and wood
siding exterior
and composition
shingled roofs located
in Bedford, Texas              1,239,718   9,472,059   10,711,777  5,527,427
                              $1,822,718 $15,348,507  $17,171,225 $9,037,393




                                                                 Life on Which
                                  Date of        Date            Depreciation
Description                     Construction     Acquired        Is Computed


26 two-story apartment          Phase I comp-
buildings of concrete           lete at date
block of construction           acquired;        9/12/83         (a)
with stucco and cedar           Phase II com-         
exterior and gabled             plete at date
roofs located in                acquired         5/1/84          (a)
Jacksonville, Florida

37 two-story apartment
buildings of concrete
block construction
with brick veneer
stucco and wood
siding exterior
and composition
shingled roofs located          Complete at
in Bedford, Texas               date acquired    12/20/83        (a)


NOTES TO SCHEDULE III:
<PAGE>
(a)See Note 1 to financial statements outlining depreciation methods
   and lives.
   
(b)See description of mortgages and notes payable in Note 2 to the
   financial statements.
   
(c)The reconciliation of investments in real estate and accumulated
   depreciation for the years ended December 31, 1997, 1996 and 1995,
   is as follows:
   

                                             Investments     Accumulated
                                           in Real Estate   Depreciation
    
    BALANCE, JANUARY 1, 1995                $16,697,486     $7,175,144
    
       Additions                                 50,396             -
       Depreciation expense                           -        618,678
    
    BALANCE, DECEMBER 31, 1995               16,747,882      7,793,822
    
       Additions                                 69,345           -
       Depreciation expense                            -       603,813
    
    BALANCE, DECEMBER 31, 1996               16,817,227      8,397,635
    
       Additions                                353,998           -
       Depreciation expense                         -          639,758
    
    BALANCE, DECEMBER 31, 1997              $17,171,225     $9,037,393


(d) Aggregate cost for federal income tax purposes is $16,743,336.

<PAGE>
                                                                    
Item 9.   Disagreements on Accounting and Financial Disclosure

    The Registrant has not been involved in any disagreements on
    accounting and financial disclosure.

                                   
                               PART III

    Item 1O.  Directors and Executive Officer of the Partnership

          The Partnership itself has no officers or directors.  Robert J.
Werra is the General Partner of the Partnership.

    Robert J. Werra, 59, the General Partner, Mr. Werra joined Loewi &
Co., Incorporated ("Loewi") in 1967  as a Registered Representative.
In 1971, he formed the Loewi real estate department, and was
responsible for its first sales of privately placed real estate
programs.  Loewi Realty was incorporated in 1974, as a wholly owned
subsidiary of Loewi & Co., with Mr. Werra as President.  In 198O, Mr.
Werra, along with three other individuals, formed Amrecorp Inc. to
purchase the stock of Loewi Real Estate Inc., and Loewi Realty.  In
1991 Univesco, Inc. became the management agent for the Partnership.
Limited Partners have no right to participate in management of the
Partnership.

    Item 11.  Management Remuneration and Transactions

     As stated above, the Partnership has no officers or directors.
Pursuant to the terms of the Limited Partnership Agreement, the
General Partner receives 1% of Partnership income and loss and up to
15% of Net  Proceeds received from sale or refinancing of
Partnership properties (after return of Limited Partner capital
contributions and payment of a 6% Current Distribution Preference
thereon).

          Univesco, Inc., an affiliate of the General Partner, is entitled
to receive a management fee with respect to properties actually
managed of 5% of the actual gross receipts from a property or an
amount competitive in price or terms for comparable services available
from non-affiliated persons.  The Partnership is also permitted to
engage in various transactions involving affiliates of the General
Partner as described under the caption "Compensation and Fees" at
pages 6-8, "Management" at page 17 and "Allocation of Net Income and
Losses and Cash     Distributions" at pages 34-36 of the Prospectus as
supplemented, incorporated in the Form S-11 Registration Statement
which was filed with the Securities and Exchange Commission and made
effective on May 2, 1983.

    For the years ended December 31, 1997, 1996 and 1995, property
management fees earned totaled $126,830, $122,879 and $120,450,
respectively.  An additional administration service fee was paid to
the General Partner of $10,008, $10,008 and $10,008 for the years
ended December 31, 1997, 1996 and 1995 respectively.
<PAGE>


          Item 12.  Security Ownership of Certain Beneficial Owners and
     Management

          (a) No one owns of record, and the General Partner knows of
no one who owns beneficially, more than five percent of the Interests
in the Partnership, the only class of securities outstanding.


          (b) By virtue of its organization as a limited partnership,
the Partnership has no officers or directors.  Persons performing
functions similar to those of officers and directors of the
Partnership, beneficially own, the following Units of the Partnership
as of March 1, 1998.

                                       Amount and Nature
Title                  Name of          of Beneficial       Percent
of Class          Beneficial Owner         Ownership      of Interest

Limited            Robert J. Werra           526              4.80%
Partnership
Interests

    No Selling Commissions were paid in connection with the purchase of
these Units.

    (c)  There is no arrangement, known to the Partnership, which may, at
a subsequent date, result in a change in control of the Partnership.

    Item 13.  Certain Relationships and Related Transactions

    None other than discussed in Item 11 and notes 3 to the financial
statements at Item 8 elsewhere in this 10-K.

<PAGE>
                             PART IV

Item 14.  Exhibits, Financial Statements, Schedules and Reports on
Form 8-K

     (A)  1.  See accompanying Financial Statements Index

          2.  Additional financial information required
          to be furnished:

     Schedule III - Real Estate and Accumulate Depreciation.
          3.  Exhibits

               None.

     (B)  Reports on Form 8-K for the quarter ended December 31, 1997.

               None.

     (C)  Exhibits

          3.   Certificate of Limited Partnership, incorporated by
reference to Registration Statement No. 0-11578 effective May 2, 1983.

          4.   Limited Partnership Agreement, incorporated by
reference to Registration Statement No. 0-11578 effective May 2, 1983.

          9.   Not Applicable

          1O.  Not Applicable

          11.  Not Applicable

          12.  Not Applicable
               
          13.  Reports to security holders, incorporated by reference
from Registrant's Quarterly Reports on Form 1O-Q, dated September 30,
1997.

          18.  Not Applicable

          19.  Not Applicable

          22.  Not Applicable

          23.  Not Applicable

          24.  Not Applicable

          25.  Power of Attorney, incorporated by reference to
Registration Statement No. 0-11578                     effective May
2, 1983.

         28.  None
<PAGE>
    Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has     duly caused this report
to be signed on its behalf by the undersigned, thereunto duly
authorized.

                   AMERICAN REPUBLIC REALTY FUND I

                   ROBERT J. WERRA, GENERAL PARTNER



                             /s/  Robert J. Werra




    March 30, 1998

<PAGE>