UNITED STATES

               SECURITIES AND EXCHANGE COMMISSION

                     Washington, D.C. 20549

                            FORM 10-Q


Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

For the quarterly period ended        June 30, 1997

Commission file Number     0-14422

             RIVERCHASE INVESTORS I, LTD.
(Exact name of registrant as specified in its charter.)

    Florida                           64-0712672
(State or other jurisdiction of    (I.R.S. Employer
incorporation or organization)     Identification No.)

2101 6th Avenue North, STE 750,
Birmingham, AL                               35203-2764
(Address of principal executive offices      (Zip Code)

Registrant's telephone number, including area code:
(205) 250-8700

     Indicate  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 [ ]


Number of Units of the Registrant's Limited Partnership
Units of Ownership outstanding as of August 5, 1997: 11,052.


<PAGE>
<TABLE>

PART I. - FINANCIAL INFORMATION

                          RIVERCHASE INVESTORS I, LTD.
                             (A LIMITED PARTNERSHIP)
                                 BALANCE SHEETS
                       JUNE 30, 1997 AND DECEMBER 31, 1996
                                   (Unaudited)

<CAPTION>
                                June 30, 1997     December 31,1996
                                 (Unaudited)         (Audited)
                               --------------      --------------
ASSETS
<S>                                   <C>                <C>
  Cash                             $  267,082          $  124,242
  Restricted cash                      34,406              34,406
  Accounts receivable                   2,789              13,205
  Prepaid expenses                     13,371              27,223
                                    ---------           ---------

     Total current assets             317,648             199,076

Property, plant and equipment:
  Land                              2,102,784           2,102,784
  Buildings                         6,595,167           6,586,431
  Furniture and fixtures              986,250             975,845
  Land improvements                   101,596              95,951
  Building improvements                     0                   0
  Equipment                            21,384              16,717
                                    ---------           ---------

                                    9,807,181           9,777,728
Less accumulated depreciation       2,621,905           2,529,208
                                    ---------           ---------

                                    7,185,276           7,248,520
Other assets:
  Deposits                              4,921               4,796
                                    ---------           ---------

     Total assets                  $7,507,845          $7,452,392
                                    =========           =========
</TABLE>
<TABLE>

<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S>                                   <C>                <C>
  Accounts payable                 $    6,511          $   13,034
  Other accrued liabilities            90,133               9,234
  Tenant deposits                      29,030              24,497
  Unearned rent                         7,047               4,991
  Due to affiliate                      7,881              14,723
                                    ---------           ---------
     Total current liabilities        140,602              66,479

General partners' deficit             (21,096)            (20,919)
Limited partners' capital
  (11,052 units)                    7,389,339           7,406,832
                                    ---------           ---------
     Total partners' capital        7,368,243           7,385,913
                                    ---------           ---------
Total liabilities and
     partners' capital             $7,508,845          $7,452,392
                                    =========           =========
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>

<PAGE>
<TABLE>

                  RIVERCHASE INVESTORS I, LTD.
                    (A LIMITED PARTNERSHIP)
                    STATEMENTS OF OPERATIONS
              FOR THE THREE MONTHS AND SIX MONTHS
                  ENDED JUNE 30, 1997 AND 1996
                          (Unaudited)

<CAPTION>
                        Three months ended     Six months ended
                             June 30               June 30
                        -------------------   ------------------
                          1997      1996        1997       1996
                         ------    ------      ------     ------
<S>                     <C>        <C>         <C>        <C>
Revenues:
Rents                 $ 341,669  $ 364,922  $ 681,150  $ 750,148
Interest                  2,250      2,206      3,794      4,546
Other                    14,427      7,155     30,761     19,219
                        -------    -------    -------    -------

Total revenues          358,346    374,283    715,705    773,913

Expenses:
General and
 administrative          17,128     27,004     35,725     46,525
Salaries and wages       23,134     31,024     46,354     65,276
Taxes and licenses       42,858     43,413     85,716     86,826
Management fees          17,815     18,661     35,618     38,122
Repairs and maintenance  49,312     61,940    109,451    134,416
Utilities                30,973     28,436     58,055     55,743
Insurance                 6,498      4,128     12,996      8,254
Depreciation
    and amortization     46,465     43,814     92,696     87,085
                        -------    -------    -------    -------

    Total expenses      234,183    258,420    476,611    522,247
                        -------    -------    -------    -------

Net income            $ 124,163  $ 115,863  $ 239,094  $ 251,666
                        =======    =======    =======    =======
Net income per limited
  partnership unit    $   11.12  $   10.38  $   21.42  $   22.54
                        =======    =======    =======    =======

<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>

<PAGE>
<TABLE>
                  RIVERCHASE INVESTORS I, LTD.
                    (A LIMITED PARTNERSHIP)
                 STATEMENTS OF PARTNERS' EQUITY
         FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
                         (Unaudited)

<CAPTION>
                                  General       Limited
                                  Partners      Partners       Total
                                 ----------    ----------    ----------
<S>                               <C>           <C>           <C>
Six months ended June 30, 1996:

Balance at December 31, 1995   $   (20,206)  $ 7,477,441   $ 7,457,235

Net income                           2,517       249,149       251,666

Capital distributions               (3,014)     (298,404)     (301,418)
                                 ---------     ---------      ---------

Balance at June 30, 1996       $   (20,703)  $ 7,428,186   $  7,407,483
                                 =========     =========      =========

Six months ended June 30, 1997:

Balance at December 31, 1996   $   (20,919)  $ 7,406,832   $  7,385,913

Net income                           2,391       236,703        239,094

Capital distributions               (2,568)     (254,196)      (256,764)
                                 ---------     ---------      ---------

Balance at June 30, 1997       $   (21,096)  $  7,389,339  $  7,368,243
                                 =========     ==========     =========

<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>

<PAGE>
<TABLE>
                  RIVERCHASE INVESTORS I, LTD.
                    (A LIMITED PARTNERSHIP)
                    STATEMENTS OF CASH FLOWS
       FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
                           (Unaudited)

<CAPTION>
                                       1997               1996
                                     ---------          ---------
<S>                                   <C>                <C>
Operating activities:
  Net income                        $ 239,094          $ 251,666
                                      -------            -------


  Adjustments  to  reconcile  net  income  to net  cash  provided  by  operating
  activities:
    Depreciation and amortization      92,696             87,085
  Changes in operating assets
  and liabilities:
    Accounts receivable                10,416              5,403
    Prepaid expenses                   13,852             10,728
    Accrued liabilities                80,899             83,001
    Accounts payable                   (6,523)            (9,769)
    Tenant security deposits            4,533             (2,442)
    Unearned rent                       2,056                245
    Deposits                             (125)               -0-
                                      -------            -------
Net cash provided by
     operating activities             436,898            425,917
                                      -------            -------

Investing activities:
  Capital expenditures                (30,452)           (59,446)
                                      -------            -------
Net cash used in
     investing activities             (30,452)           (59,446)
                                      -------            -------
Financing activities:
  Distributions to partners          (256,764)          (301,418)
  Decrease in due to affiliate         (6,842)               (16)
                                      -------            -------
Net cash used in
     financing activities            (263,606)          (301,434)
                                      -------            -------
Increase in cash                      142,840             65,037
Cash, beginning of period             124,242            187,282
                                      -------            -------
Cash, end of period                 $ 267,082          $ 252,319
                                      =======            =======
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>

<PAGE>


                   RIVERCHASE INVESTORS I, LTD.
                     (A LIMITED PARTNERSHIP)
                  NOTES TO FINANCIAL STATEMENTS
                        FOR JUNE 30, 1997


NOTE 1. THE PARTNERSHIP

Riverchase  Investors  I, Ltd.  ("the  Partnership")  is a  limited  partnership
organized under the laws of the State of Florida,  pursuant to a Certificate and
Agreement  of Limited  Partnership  dated  February  22,  1985,  as amended  and
restated  as of  December  30,  1985.  The  Partnership  owns and  operates  248
apartment units in Temple Terrace, Florida. The Partnership leases the apartment
units to individuals under short-term lease agreements.

<PAGE>


                   RIVERCHASE INVESTORS I, LTD.
                     (A LIMITED PARTNERSHIP)
                   MANAGEMENT'S DISCUSSION AND
                       ANALYSIS OF FINANCIAL CONDITION AND
                      RESULTS OF OPERATIONS
                          JUNE 30, 1997

LIQUIDITY AND CAPITAL RESOURCES

Cash flow at the  property  is  generated  from the rental of  apartment  units.
During the second quarter of 1997 the  property's  physical  occupancy  averaged
91.3% and it generated sufficient cash to meet the financial  obligations of the
Partnership  and pay a cash  distribution  of $111,636  in the third  quarter of
1997. The total of cash  distributions  paid to Partners  during 1997 amounts to
$368,400 or $33 per Limited Partnership unit of ownership.

Cash and  equivalents  increased  to $267,082 at June 30, 1997 from  $124,242 at
December 31, 1996.  The increase is due to cash  retained to pay for the accrued
liabilities which will come due at the end of the year.

The  Partnership's  budgeted  capital  expenditures  in  1997  is  approximately
$200,000.  These capital improvements are for the exterior painting,  renovation
of the pool area,  driveway  repairs,  landscaping,  and refurbishing the rental
center. Approximately twenty percent of these capital expenditures had been made
as of the end of the quarter.

RESULTS OF OPERATIONS

The occupancy  rate  decreased by  approximately  1.2% for the second quarter of
1997 when compared to the second quarter of 1996, which resulted in the decrease
in second  quarter rent  revenues.  The average  occupancy rate was 91.3% in the
second quarter of 1997 as compared to 92.5% in the second quarter of 1996. Total
rent revenues decreased by approximately  $70,000 or 9.3% for the second quarter
of 1997 when compared to the second quarter of 1996.

While second  quarter 1997 revenues  decreased  compared to second  quarter 1996
revenues,  total expenses decreased  approximately  $45,000. The majority of the
decrease  in  expenses,   approximately  $23,000  was  related  to  repairs  and
maintenance  expense.  While  approximately  $19,000 was related to salaries and
wages.  The  decrease in salaries and wages was the result of a reduction in the
maintenance staff.


<PAGE>

PART II - OTHER INFORMATION

         ITEM 1.  LEGAL PROCEEDINGS

                           Inapplicable

         ITEM 2.  CHANGES IN SECURITIES

                           Inapplicable

         ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

                           Inapplicable

         ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF
                                SECURITY HOLDERS

                           Inapplicable

         ITEM 5.  OTHER INFORMATION

                           Inapplicable

         ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

                           a. Exhibits

                                    Exhibit 27. Financial Data Schedule

                             b. Reports on Form 8-K

                                    None were filed for the quarter
                                 ended June 30, 1997

<PAGE>


                   RIVERCHASE INVESTORS I, LTD.

                           SIGNATURES


Pursuant to the requirements of Section 13 or 15 (d) of the Securities  Exchange
Act of 1934, as amended, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.




                              RIVERCHASE INVESTORS I, LTD.
                                   Registrant


August 14, 1997               /s/ Thomas H. Lowder
Date                          Thomas H. Lowder
                                 General Partner


August 14, 1997               /s/ Howard B. Nelson
Date                          Howard B. Nelson
                              Principal Financial Officer