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        September 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 October 5, 1997: 11,052.


<PAGE>
<TABLE>

PART I. - FINANCIAL INFORMATION

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

<CAPTION>
                            September 30, 1997     December 31,1996
                                 (Unaudited)         (Audited)
                               --------------      --------------
ASSETS
<S>                                   <C>                <C>
  Cash                             $  306,971          $  124,242
  Restricted cash                      26,433              34,406
  Accounts receivable                   2,999              13,205
  Prepaid expenses                      5,765              27,223
                                    ---------           ---------

     Total current assets             342,168             199,076

Property, plant and equipment:
  Land                              2,102,784           2,102,784
  Buildings                         6,610,328           6,586,431
  Furniture and fixtures            1,000,558             975,845
  Land improvements                   118,950              95,951
  Building improvements                     0                   0
  Equipment                            25,235              16,717
                                    ---------           ---------

                                    9,857,855           9,777,728
Less accumulated depreciation       2,669,586           2,529,208
                                    ---------           ---------

                                    7,188,269           7,248,520
Other assets:
  Deposits                              4,921               4,796
                                    ---------           ---------

     Total assets                  $7,535,358          $7,452,392
                                    =========           =========
</TABLE>
<TABLE>

<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S>                                   <C>                <C>
  Accounts payable                 $    9,078          $   13,034
  Other accrued liabilities           136,825               9,234
  Tenant deposits                      26,648              24,497
  Unearned rent                         6,864               4,991
  Due to affiliate                      5,020              14,723
                                    ---------           ---------
     Total current liabilities        184,435              66,479

General partners' deficit             (21,269)            (20,919)
Limited partners' capital
  (11,052 units)                    7,372,192           7,406,832
                                    ---------           ---------
     Total partners' capital        7,350,923           7,385,913
                                    ---------           ---------
Total liabilities and
     partners' capital             $7,535,358          $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 NINE MONTHS
               ENDED SEPTEMBER 30, 1997 AND 1996
                          (Unaudited)

<CAPTION>
                        Three months ended    Nine months ended
                          September 30           September 30
                        -------------------    ------------------
                          1997      1996        1997       1996
                         ------    ------      ------     ------
<S>                     <C>        <C>         <C>        <C>
Revenues:
Rents                 $ 311,319  $ 343,450  $  992,468  $1,093,598
Interest                  3,380      2,438       7,174       6,984
Other                    22,943     13,172      53,705      32,391
                        -------    -------     -------     -------

Total revenues          337,642    359,060   1,053,347   1,132,973

Expenses:
General and
 administrative          20,530     17,825      56,255      64,350
Salaries and wages       25,091     30,795      71,445      96,071
Taxes and licenses       42,858     34,707     128,574     121,533
Management fees          16,542     17,532      52,160      55,654
Repairs and maintenance  51,901     63,530     161,352     198,192
Utilities                32,142     32,382      90,197      88,125
Insurance                 6,580      5,637      19,576      13,891
Depreciation
    and amortization     47,682     44,395     140,378     131,480
                        -------    -------     -------     -------

    Total expenses      243,326    246,803     719,937     769,296
                        -------    -------     -------     -------

Net income            $  94,316  $ 112,257   $ 333,410   $ 363,677
                        =======    =======     =======     =======
Net income per limited
  partnership unit    $    8.45  $   10.06   $   29.87   $   32.58
                        =======    =======     =======     =======

<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 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                         (Unaudited)

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

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

Net income                           3,637       360,040       363,677

Capital distributions               (4,354)     (431,028)     (435,382)
                                 ---------     ---------      ---------

Balance at September 30, 1996  $   (20,923)  $ 7,406,453   $  7,385,530
                                 =========     =========      =========

Nine months ended September 30, 1997:

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

Net income                           3,334       330,076        333,410

Capital distributions               (3,684)     (364,716)      (368,400)
                                 ---------     ---------      ---------

Balance at September 30, 1997  $   (21,269)  $  7,372,192  $  7,350,923
                                 =========     ==========     =========

<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 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
                           (Unaudited)

<CAPTION>
                                       1997               1996
                                     ---------          ---------
<S>                                   <C>                <C>
Operating activities:
  Net income                        $ 333,410          $ 363,677
                                      -------            -------


  Adjustments  to  reconcile  net  income  to net  cash  provided  by  operating
  activities:
    Depreciation and amortization     140,378            131,480
  Changes in operating assets
  and liabilities:
    Accounts receivable                10,206            (10,123)
    Prepaid expenses                   21,458              4,705
    Accrued liabilities               127,591            120,743
    Accounts payable                   (3,956)            (9,518)
    Tenant security deposits            2,151             (6,098)
    Unearned rent                       1,873             (2,382)
    Deposits                             (125)                -0-
    Restricted cash                     7,973                 -0-
                                      -------            -------
Net cash provided by
operating activities                  640,959            592,484
                                      -------            -------

Investing activities:
  Capital expenditures                (80,127)           (78,188)
                                      -------            -------
Net cash used in
     investing activities             (80,127)           (78,188)
                                      -------            -------
Financing activities:
  Distributions to partners          (368,400)          (435,382)
  Decrease in due to affiliate         (9,703)               (16)
                                      -------            -------
Net cash used in
     financing activities            (378,103)          (435,398)
                                      -------            -------
Increase in cash                      182,729             78,898
Cash, beginning of period             124,242            187,282
                                      -------            -------
Cash, end of period                 $ 306,971          $ 266,180
                                      =======            =======
<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 THE SEPTEMBER 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
                        SEPTEMBER 30, 1997

LIQUIDITY AND CAPITAL RESOURCES

Cash flow at the  property  is  generated  from the rental of  apartment  units.
During the third  quarter of 1997 the  property's  physical  occupancy  averaged
84.3% and it generated sufficient cash to meet the financial  obligations of the
Partnership  and pay a cash  distribution  of $122,800 in the fourth  quarter of
1997. The total of cash  distributions  paid to Partners  during 1997 amounts to
$491,200 or $44 per Limited Partnership unit of ownership.

Cash and  equivalents  increased to $306,971 at September 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  capital  expenditures  through the third quarter of 1997 are
approximately  $80,000 of the $200,000 budgeted.  These capital improvements are
for the  exterior  painting,  renovation  of the pool  area,  driveway  repairs,
landscaping, and refurbishing the rental center.

RESULTS OF OPERATIONS

The occupancy rate decreased by approximately 4.0% for the third quarter of 1997
when  compared to the third quarter of 1996,  which  resulted in the decrease in
third quarter rent revenues.  The average  occupancy rate was 84.3% in the third
quarter of 1997 as  compared to 88.3% in the third  quarter of 1996.  Total rent
revenues  decreased by  approximately  $32,000 or 9.4% for the third  quarter of
1997 when compared to the third  quarter of 1996.  Year-to-date  total  revenues
decreased by  approximately  $100,000 or 9.3% when compared to total revenues of
1996.

While third  quarter  1997  revenues  decreased  compared to third  quarter 1996
revenues,  third quarter expenses decreased  approximately $3,500.  Year-to-date
total expenses decreased by
approximately  $50,000  when  compared to 1996.  The majority of the decrease in
expenses, approximately $36,000 related to a decrease in repairs and maintenance
expense.  While  approximately  $24,000 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 September 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


November 14, 1997               _/s/ Thomas H. Lowder_____
Date                            Thomas H. Lowder
                                General Partner


November 14, 1997               _/s/ Howard B. Nelson_____
Date                            Howard B. Nelson
                           Principal Financial Officer