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        March 31, 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 March 31, 1997: 11,052.


<PAGE>
<TABLE>

PART I. - FINANCIAL INFORMATION

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

<CAPTION>
                                March 31, 1997        December 1996
                                 (Unaudited)         (Audited)
                               --------------      --------------
ASSETS
<S>                                   <C>                <C>
  Cash                             $  236,258          $  124,242
  Restricted cash                      34,406              34,406
  Accounts receivable                   1,282              13,205
  Prepaid expenses                     20,795              27,223
                                    ---------           ---------

     Total current assets             292,741             199,076

Property, plant and equipment:
  Land                              2,102,784           2,102,784
  Buildings                         6,588,513           6,586,431
  Furniture and fixtures              977,432             975,845
  Land improvements                    96,501
95,951
  Equipment                            16,717              16,717
                                    ---------           ---------

                                    9,781,947           9,777,728
Less accumulated depreciation       2,575,440           2,529,208
                                    ---------           ---------

                                    7,206,507           7,248,520
Other assets:
  Deposits                              4,796               4,796
                                    ---------           ---------

     Total assets                  $7,504,044          $7,452,392
                                    =========           =========
</TABLE>
<TABLE>

<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S>                                   <C>                <C>
  Accounts payable                 $   10,678          $   13,034
  Other accrued liabilities            48,580               9,234
  Tenant deposits                      27,752              24,497
  Unearned rent                         5,801               4,991
  Due to affiliate                          0              14,723
                                    ---------           ---------
     Total current liabilities         92,811              66,479

General partners' deficit             (20,666)            (20,919)
Limited partners' capital
  (11,052 units)                    7,431,899           7,406,832
                                    ---------           ---------
     Total partners' capital       $7,411,233          $7,385,913
                                    ---------           ---------
Total liabilities and
     partners' capital             $7,504,044          $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 ENDED
                    MARCH 31, 1997 AND 1996
                          (Unaudited)

<CAPTION>
                              Three months ended
                                   March 31
                           ----------------------------
                            1997            1996
                           ------          ------
<S>                        <C>             <C>
Revenues:
Rents                    $ 339,481       $ 385,226
Interest                     1,544           2,340
Other                       16,334          12,063
                           -------         -------

Total revenues             357,359         399,629

Expenses:
General and
 administrative             18,639          19,521
Salaries and wages          23,220          34,252
Taxes and licenses          43,118          43,413
Management fees             17,802          19,461
Repairs and maintenance     60,139          72,476
Utilities                   27,082          27,307
Insurance                    6,498           4,127
Depreciation
    and amortization        46,232          43,271
                           -------         -------

Total expenses             242,730         263,828
                           -------         -------

Net income               $ 114,629       $ 135,801
                           =======         =======
Net income per limited
partnership unit         $   10.37       $   12.29
                           =======         =======

<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 THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                         (Unaudited)

<CAPTION>
                                  General       Limited
                                  Partners      Partners       Total
                                 ----------    ----------    ----------
<S>                               <C>           <C>           <C>
Three months ended March 31, 1996:

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

Net income                           1,358       134,443       135,801


Capital distributions               (1,563)     (154,728)     (156,291)
                                 ---------     ---------      ---------

Balance at March 31, 1996      $   (20,411)  $ 7,457,156   $  7,436,745
                                 =========     =========      =========

Three months ended March 31, 1997:

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

Net income                           1,146       113,483        114,629

Capital distributions               (  893)     ( 88,416)      ( 89,309)
                                 ---------     ---------      ---------

Balance at March 31, 1997      $   (20,666)  $ 7,431,899   $  7,411,233
                                 =========     ==========     =========

<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 THREE MONTHS ENDED MARCH 31, 1997 AND 1996
                           (Unaudited)

<CAPTION>
                                       1997               1996
                                     ---------          ---------
<S>                                   <C>                <C>
Operating activities:
  Net income                        $ 114,629          $ 135,801
                                      -------            -------


  Adjustments  to  reconcile  net  income  to net  cash  provided  by  operating
  activities:
    Depreciation and amortization      46,232             43,271
  Changes in operating assets
  and liabilities:
    Accounts receivable                11,923              5,444
    Prepaid expenses                    6,428              5,308
    Accrued liabilities                39,346             42,119
    Accounts payable                   (2,356)            (4,769)
    Tenant security deposits            3,255               (316)
    Unearned rent                         810               (375)
    Due to affiliate                  (14,723)               (16)
                                      -------            -------
Net cash provided by
     operating activities             205,544            226,467
                                      -------            -------

Investing activities:
  Capital expenditures                ( 4,219)           (30,648)
                                      -------            -------
Net cash used in
  investing activities                ( 4,219)           (30,648)
                                      -------            -------
Financing activities:
  Distributions to partners           (89,309)          (156,291)
                                      -------            -------
Net cash used in
   financing activities               (89,309)          (156,291)
                                      -------            -------

Increase in cash                      112,016             39,528
Cash, beginning of period             124,242            187,282
                                      -------            -------
Cash, end of period                 $ 236,258          $ 226,810
                                      =======            =======
<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 QUARTER ENDED MARCH 31, 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
                          MARCH 31, 1997

LIQUIDITY AND CAPITAL RESOURCES

Cash flow at the  property  is  generated  from the rental of  apartment  units.
During the first quarter the property's  physical  occupancy rate averaged 90.7%
and it  generated  sufficient  cash to meet  the  financial  obligations  of the
Partnership  and pay a cash  distribution  of $167,455 in the second  quarter of
1997. The total of cash  distributions  paid to Partners in the first and second
quarters of 1997  amounts to $256,764  or $23 per  Limited  Partnership  unit of
ownership.

Cash and  equivalents  increased to $236,258 at March 31, 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. Less than five percent of these capital expenses had been made as of the
end of the quarter.

RESULTS OF OPERATIONS

The occupancy rate decreased by approximately 7.7% for the first quarter of 1997
when  compared to the first quarter of 1996,  which  resulted in the decrease in
first quarter rent revenues.  The average  occupancy rate was 90.7% in the first
quarter of 1997 as compared to 98.4% in the first  quarter of 1996. As a result,
year-to-date total rent revenues decreased by approximately $45,750 or 11.9% due
primarily to decreased occupancy rates.

While first  quarter  1997  revenues  decreased  compared to first  quarter 1996
revenues,  total expenses decreased  approximately  $20,000. The majority of the
decrease  in  expenses,  approximately  $12,300,  was  related  to  repairs  and
maintenance  expense,  while salaries and wages  decreased  about  $11,000.  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 March 31, 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


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


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