FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                        QUARTERLY OR TRANSITIONAL REPORT
                  (As last amended by 34-32231, eff. 6/3/93.)


                    U. S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-QSB

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934


                 For the quarterly period ended March 31, 1997

                                       or

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934


               For the transition period from.........to.........

                         Commission file number 0-14570


                         MCCOMBS REALTY PARTNERS, LTD.
       (Exact name of small business issuer as specified in its charter)


         California                                      33-0068732
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                        Identification No.)

One Insignia Financial Plaza, P.O. Box 1089
      Greenville, South Carolina                            29602
(Address of principal executive offices)                  (Zip Code)

                   Issuer's telephone number (864) 239-1000

Check whether the issuer (1) 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      .

                         PART I - FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS


a)                        MCCOMBS REALTY PARTNERS, LTD.

                           CONSOLIDATED BALANCE SHEET
                                  (Unaudited)
                                 (in thousands)

                                 March 31, 1997


Assets
  Cash and cash equivalents:
     Unrestricted                                             $   407
     Restricted--tenant security deposits                          29
  Accounts receivable                                              10
  Escrow for taxes                                                 26
  Restricted escrows                                              206
  Other assets                                                    165
  Investment properties:
    Land                                         $   499
    Buildings and related personal property        5,292
                                                   5,791
    Less accumulated depreciation                 (3,090)       2,701

                                                              $ 3,544

Liabilities and Partners' Capital (Deficit)
Liabilities
  Accounts payable                                            $    16
  Tenant security deposits                                         29
  Accrued taxes                                                    20
  Other liabilities                                                55
  Mortgage note payable                                         5,768

Partners' Capital (Deficit)
  General partners                               $     1
     Limited partners (22,036 units
     issued and outstanding)                      (2,345)      (2,344)

                                                              $ 3,544


          See Accompanying Notes to Consolidated Financial Statements

b)                        MCCOMBS REALTY PARTNERS, LTD.

                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
                      (in thousands, except for unit data)


                                                          Three Months Ended
                                                               March 31,
                                                          1997           1996
Revenues:
 Rental income                                          $   343        $   334
 Interest income                                              5              7
 Other income                                                28             24
  Total revenues                                            376            365

Expenses:
 Operating                                                  123            114
 General and administrative                                   7             10
 Maintenance                                                 25             60
 Depreciation                                                50             46
 Interest                                                   122            162
 Property taxes                                              20             20
  Total expenses                                            347            412

Net income (loss)                                       $    29        $   (47)


Net income (loss) allocated to general partners (1%)    $    --        $    --
Net income (loss) allocated to limited
  partners (99%)                                             29            (47)

                                                        $    29        $   (47)

Net income (loss) per limited partnership unit          $  1.32        $ (2.12)

          See Accompanying Notes to Consolidated Financial Statements

c)                        MCCOMBS REALTY PARTNERS, LTD.

        CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
                                  (Unaudited)
                      (in thousands, except for unit data)


                                   Limited
                                 Partnership General    Limited
                                    Units    Partner    Partners      Total

Partners' capital (deficit)
  at December 31, 1996              22,036   $     1   $ (2,374)    $ (2,373)

Net income for the three
  months ended March 31, 1997                     --         29           29

Partners' capital (deficit)
  at March 31, 1997                 22,036   $     1   $ (2,345)    $ (2,344)

          See Accompanying Notes to Consolidated Financial Statements

d)                        MCCOMBS REALTY PARTNERS, LTD.

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                                 (in thousands)


                                                            Three Months Ended
                                                                 March 31,
                                                             1997       1996
Cash flows from operating activities:
  Net income (loss)                                       $   29      $  (47)
  Adjustments to reconcile net income (loss) to net cash
    provided by (used in) operating activities:
    Depreciation                                              50          46
    Amortization of discounts and loan costs                   5           5
    Change in accounts:
      Restricted cash                                          2          --
      Accounts receivable                                     14           1
      Escrows for taxes                                       56         (20)
      Other assets                                             2          --
      Accounts payable                                       (19)       (133)
      Tenant security deposit liabilities                      2           3
      Accrued taxes                                          (56)         20
      Other liabilities                                      (19)          9

         Net cash provided by (used in)
            operating activities                              66        (116)

Cash flows from investing activities:
  Property improvements and replacements                     (15)        (18)
  Deposits to restricted escrows                             (17)        (17)

        Net cash used in investing activities                (32)        (35)

Cash flows from financing activities:
  Payments on mortgage note payable                          (13)        (12)

         Net cash used in financing activities               (13)        (12)

Net increase (decrease) in cash and cash equivalents          21        (163)

Cash and cash equivalents at beginning of period             386         688
Cash and cash equivalents at end of period                $  407      $  525

Supplemental disclosure of cash flow information:
  Cash paid for interest                                  $  117      $  118

           See Accompanying Notes to Consolidated Financial Statements

e)                        MCCOMBS REALTY PARTNERS, LTD.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of McCombs Realty
Partners, Ltd. ("Partnership") have been prepared in accordance with generally
accepted accounting principles for interim financial information and with the
instructions to Form 10-QSB and Article 310(b) of Regulation S-B.  Accordingly,
they do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements.  In the
opinion of CRPTEX, Inc. ("General Partner"), all adjustments (consisting of
normal recurring accruals) considered necessary for a fair presentation have
been included.  Operating results for the three month period ended March 31,
1997, are not necessarily indicative of the results that may be expected for the
fiscal year ending December 31, 1997.  For further information, refer to the
consolidated financial statements and footnotes thereto included in the annual
report on Form 10-KSB for the year ended December 31, 1996, for the Partnership.

NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all partnership activities.
The Partnership Agreement provides for payments to affiliates for services and
as reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership. Property management fees are included in operating expense on the
consolidated statement of operations.  Reimbursements for services from
affiliates are included in general and administrative expense in the
consolidated statement of operations.  The following transactions with the
General Partner and its affiliates were charged to expense in 1997 and 1996:


                                                      Three Months Ended
                                                           March 31,
                                                      1997          1996

Property management fees                             $ 18           $ 18
Reimbursement for services from affiliates (1)          8              7

(1) Included in "reimbursement for services from affiliates" for 1997 is
approximately $1,000 in reimbursements for construction oversight costs.

The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the General Partner.  An affiliate of the General
Partner acquired, in the acquisition of a business, certain financial
obligations from an insurance agency which was later acquired by the agent who
placed the current year's master policy.  The current agent assumed the
financial obligations to the affiliate of the General Partner, who receives
payments on these obligations from the agent.  The amount of the Partnership's
insurance premiums accruing to the benefit of the affiliate of the General
Partner by virtue of the agent's obligations is not significant.


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The Partnership's investment property consists of one apartment complex.  The
following table sets forth the average occupancy of the property for the three
month periods ended March 31, 1997 and 1996:


                                                      Average
                                                     Occupancy
Property                                          1997       1996

Lakewood at Pelham
  Greenville, South Carolina                       91%         94%


The General Partner attributes the decrease in occupancy to increased
competition from newly constructed apartment complexes in the area.

Results of Operations

The Partnership's net income as shown in the financial statements for the three
month's ended March 31, 1997, was approximately $29,000 as compared to a net
loss of approximately $47,000 for the corresponding period in 1996.  The
increase in net income is primarily the result of a decrease in maintenance
expense.  Maintenance expense decreased during the three months ended March 31,
1997, when compared to the three months ended March 31, 1996, due to interior
and exterior painting projects at Lakewood at Pelham during March 1996.

As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of its investment property to assess the
feasibility of increasing rents, maintaining or increasing occupancy levels and
protecting the Partnership for increases in expense.  As part of this plan the
General Partner attempts to protect the Partnership for the burden of inflation-
related increases in expenses by increasing rents and maintaining a high overall
occupancy level.  However, due to changing market conditions, which can result
in the use of rental concessions and rental reductions to offset softening
market conditions, there is no guarantee that the General Partner will be able
to sustain such a plan.

Liquidity and Capital Resources

At March 31, 1997, the Partnership had unrestricted cash of approximately
$407,000 versus $525,000 at March, 31, 1996.    Net cash provided by operating
activities increased during the first quarter of 1997 due to the increase in net
income and a decrease in accounts receivable.  Also, net cash provided by
operating activities increased due to a decrease in cash used to satisfy
accounts payable for the three months ended March 31, 1997.  Net cash used in
investing activities decreased during the first quarter of 1997 due to decreases
in property improvements and replacements. Net cash used in financing activities
increased during the first quarter of 1997 due to an increase in payments made
on the mortgage note payable for Lakewood at Pelham.

The Partnership has no material capital programs scheduled to be performed in
1997, although certain routine capital expenditures and maintenance expenses
have been budgeted.  These capital expenditures and maintenance expenses will be
incurred only if cash is available from operations, is received from the capital
reserve account or from cash and cash equivalents on hand.

The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the property to adequately maintain the physical assets
and other operating needs of the Partnership.  Such assets are currently thought
to be sufficient for any near-term needs of the Partnership.  The mortgage
indebtedness of approximately $5,768,000 has a maturity date of July 1, 2005, at
which time the property will be sold or refinanced.  No cash distributions were
recorded during the three months ended March 31, 1997 or 1996, and none are
expected for the remainder of 1997.  Future cash distributions will depend on
the level of net cash generated from operations, a property sale, and the
availability of cash reserves.

                          PART II - OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

       a)  Exhibits:

           Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
           report.

       b)  Reports on Form 8-K:

           None filed during the quarter ended March 31, 1997.


                                   SIGNATURES



 In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.



                             MCCOMBS REALTY PARTNERS, LTD.

                             By: CRPTEX, INC.
                                 the General Partner


                             By: /s/ Carroll D. Vinson
                                 Carroll D. Vinson
                                 President


                             By: /s/ Robert D. Long, Jr.
                                 Robert D. Long, Jr.
                                 Vice President/CAO

                             Date:  May 2, 1997