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, 1998

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, 1998: 11,052.


<PAGE>
<TABLE>

PART I. - FINANCIAL INFORMATION

                     RIVERCHASE INVESTORS I, LTD.
                       (A LIMITED PARTNERSHIP)
                           BALANCE SHEETS
               March 31, 1998 AND DECEMBER 31, 1997

<CAPTION>
                                March 31, 1998        December 31, 1997
                                 (Unaudited)         (Audited)
                               --------------      --------------
ASSETS
<S>                                   <C>                <C>
  Cash                             $  131,935          $   62,322
  Restricted cash                      31,198              31,197
  Accounts receivable                       4               6,775
  Prepaid expenses                     12,859              19,320
                                    ---------           ---------

     Total current assets             175,996             119,614

Property, plant and equipment:
  Land                              2,102,784           2,102,784
  Buildings                         6,724,619           6,724,619
  Furniture and fixtures            1,027,261           1,027,261
  Land improvements                   151,994             138,429
  Equipment                            20,986              20,842
                                    ---------           ---------

                                   10,027,644          10,013,935
Less accumulated depreciation       2,772,057           2,719,923
                                    ---------           ---------

                                    7,255,587           7,294,012
Other assets:
  Deposits                              4,920               4,920
                                    ---------           ---------

     Total assets                  $7,436,503          $7,418,546
                                    =========           =========
</TABLE>
<TABLE>

<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S>                                   <C>                <C>
  Accounts payable                 $   13,528          $   33,608
  Other accrued liabilities            49,603               9,161
  Tenant deposits                      31,736              31,197
  Unearned rent                        10,864               4,614
  Due to affiliate                      5,999                  13
                                    ---------           ---------
     Total current liabilities        111,730              78,593

General partners' deficit             (21,530)            (20,163)
Limited partners' capital
  (11,052 units)                    7,346,303           7,360,116
                                    ---------           ---------
     Total partners' capital       $7,324,773          $7,339,953
                                    ---------           ---------
Total liabilities and
     partners' capital             $7,436,503          $7,418,546
                                    =========           =========
<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, 1998 AND 1997
                          (Unaudited)

<CAPTION>
                              Three months ended
                                   March 31
                           ----------------------------
                            1998            1997
                           ------          ------
<S>                        <C>             <C>
Revenues:
Rents                    $ 335,108       $ 339,481
Interest                     1,313           1,544
Other                       22,551          16,334
                           -------         -------

Total revenues             358,972         357,359

Expenses:
General and
 administrative             25,109          18,899
Salaries and wages          26,616          23,220
Taxes and licenses          37,975          42,858
Management fees             18,541          17,802
Repairs and maintenance     90,635          60,139
Utilities                   26,978          27,082
Insurance                    5,627           6,498
Depreciation                52,134          46,232
                           -------         -------

Total expenses             283,615         242,730
                           -------         -------

Net income               $  75,357       $ 114,629
                           =======         =======
Net income per limited
partnership unit         $    6.75       $   10.27
                           =======         =======

<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, 1998 AND 1997
                         (Unaudited)

<CAPTION>
                                  General       Limited
                                  Partners      Partners       Total
                                 ----------    ----------    ----------
<S>                               <C>           <C>           <C>
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
                                 =========     =========      =========

Three months ended March 31, 1998:

Balance at December 31, 1997   $   (20,163)  $ 7,360,116   $  7,339,953

Net income                             754        74,603         75,357

Capital distributions              ( 2,121)     ( 88,416)      ( 90,537)
                                 ---------     ---------      ---------

Balance at March 31, 1998      $   (21,530)  $ 7,346,303   $  7,324,773
                                 =========     ==========     =========

<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, 1998 AND 1997
                           (Unaudited)

<CAPTION>
                                       1998               1997
                                     ---------          ---------
<S>                                   <C>                <C>
Operating activities:
  Net income                        $  75,357          $ 114,629
                                      -------            -------


  Adjustments  to  reconcile  net  income  to net  cash  provided  by  operating
  activities:
    Depreciation and amortization      52,134             46,232
  Changes in operating assets
  and liabilities:
    Accounts receivable                 6,771             11,923
    Prepaid expenses                    6,461              6,428
    Accrued liabilities                40,442             39,346
    Accounts payable                  (20,080)            (2,356)
    Tenant security deposits              538              3,255
    Unearned rent                       6,250                810
    Due to affiliate                    5,986           (14,723)
                                      -------            -------
Net cash provided by
     operating activities             173,859            205,544
                                      -------            -------

Investing activities:
  Capital expenditures                (13,709)           ( 4,219)
                                      -------            -------
Net cash used in
  investing activities                (13,709)           ( 4,219)
                                      -------            -------
Financing activities:
  Distributions to partners           (90,537)          ( 89,309)
                                      -------            -------
Net cash used in
   financing activities               (90,537)          ( 89,309)
                                      -------            -------

Increase in cash                       69,613            112,016
Cash, beginning of period              62,322            124,242
                                      -------            -------
Cash, end of period                 $ 131,935          $ 236,258
                                      =======            =======
<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, 1998


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, 1998

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 91.26%
and it  generated  sufficient  cash to meet  the  financial  obligations  of the
Partnership  and pay a cash  distribution  of $78,145  in the second  quarter of
1998. The total of cash  distributions  paid to Partners in the first and second
quarters of 1998  amounted to  $168,682 or $15 per Limited  Partnership  unit of
ownership.

Cash and  equivalents  increased  to $131,935 at March 31, 1998 from  $62,322 at
December 31, 1997. The increase is primarily due to cash retained to pay for the
accrued liabilities which will come due at the end of the year.

The  Partnership's  budget for  capital  expenditures  in 1998 is  approximately
$170,900.  The planned capital improvements include resurfacing the parking lot,
adding amenities to make deluxe units and screening of patios.

RESULTS OF OPERATIONS

The rent  revenue  for the first  quarter  of 1998 was  $335,108  while the rent
revenue for the first quarter of 1997 was $339,481.  The average  occupancy rate
was  91.26%  in the first  quarter  of 1998 as  compared  to 90.73% in the first
quarter  of 1997.  First  quarter  year-to-date  total  rent  revenues  remained
constant due primarily to stable occupancy rates.

While first quarter 1998 revenues remained constant compared
to first quarter 1997 revenues,  total expenses before depreciation increased by
$34,983.  The majority of the increase in expenses,  approximately  $30,500, was
related to repairs and  maintenance  expense.  This  consisted of an increase of
$14,000 in carpet  repairs,  $6,600 in  replacing  flooring,  $6,100 to maintain
landscape  and $3,800 in plumbing  repairs.  These  increased  costs reflect the
aging of the physical asset.



<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, 1998

<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 15, 1998                  /s/ Thomas H. Lowder
Date                          Thomas H. Lowder
                              General Partner


May 15, 1998                  /s/ Howard B. Nelson, Jr.
Date                          Howard B. Nelson, Jr.
                           Principal Financial Officer