UNITED STATES
                  SECURITIES AND EXCHANGE COMMISSION
                        WASHINGTON, DC.  20549
                                   
                               FORM 10-Q
                                   
(Mark One)

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

For the quarterly period ended            March 31, 1998
                               ---------------------------------------
                                  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                    33-15597
                       -----------------------------------------------
                     DIVERSIFIED HISTORIC INVESTORS V
----------------------------------------------------------------------
        (Exact name of registrant as specified in its charter)

       Pennsylvania                                      23-2479468
-------------------------------                    -------------------
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization                      Identification No.)

              1609 Walnut Street, Philadelphia, PA  19103
----------------------------------------------------------------------
    (Address of principal executive offices)              (Zip Code)

Registrant's telephone number, including area code  (215) 557-9800

                                     N/A
----------------------------------------------------------------------
 (Former name, former address and former fiscal year, if changed since
                             last report)

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
<PAGE>
                    PART I - FINANCIAL INFORMATION

Item 1.        Financial Statements.

             Consolidated Balance Sheets - March 31, 1998 (unaudited)
             and December 31, 1997
             Consolidated Statements of Operations - Three Months
             Ended March 31, 1998 and 1997 (unaudited)
             Consolidated Statements of Cash Flows - Three Months
             Ended March 31, 1998 and 1997 (unaudited)
             Notes to Consolidated Financial Statements  (unaudited)

Item 2.        Management's Discussion and Analysis of
               Financial Condition and Results of Operations.

               (1)  Liquidity

                     As  of  March 31, 1998, Registrant  had  cash  of
$93,877.   Cash  generated from operations is used primarily  to  fund
operating  expenses  and  debt service.  If cash  flow  proves  to  be
insufficient,   the   Registrant  will  attempt  to   negotiate   loan
modifications with the various lenders in order to remain  current  on
all  obligations.   The  Registrant is not  aware  of  any  additional
sources of liquidity.

                     As  of  March 31, 1998, Registrant had restricted
cash  of  $180,498  consisting primarily of  funds  held  as  security
deposits,  replacement reserves and escrows for taxes  and  insurance.
As  a  consequence of the restrictions as to use, Registrant does  not
deem these funds to be a source of liquidity.

               (2)  Capital Resources

                     Due  to the relatively recent rehabilitations  of
the   properties,  any  capital  expenditures  needed  are   generally
replacement  items  and  are funded out of  cash  from  operations  or
replacement  reserves, if any.  The Registrant is  not  aware  of  any
factors which would cause historical capital expenditure levels not to
be  indicative of capital requirements in the future and, accordingly,
does  not  believe that it will have to commit material  resources  to
capital investment for the foreseeable future.

               (3)  Results of Operations

                     During  the  first  quarter of  1998,  Registrant
incurred a net loss of $653,740 ($58.09 per limited partnership  unit)
compared  to  a  net loss of $330,125 ($29.33 per limited  partnership
unit) for the same period in 1997.

                      Rental   and  hotel  income  combined  decreased
$185,753 from $471,848 in the first quarter of 1997 to $286,095 in the
same  period  in  1998.  This decrease resulted from  an  increase  of
$3,635  in  rental income and a decrease of $189,388 in hotel  income.
The  increase in rental income is the result of an increase in average
occupancy  at  the Lofts at Red Hill (88% to 93%).   The  decrease  in
hotel  income is due to a decrease in average occupancy (50%  to  31%)
combined  with a decrease in average nightly rates ($97.27 to  $89.89)
at the Redick Plaza Hotel, as discussed below.

                     Hotel  operations expense decreased  $4,621  from
$513,406  in the first quarter of 1997 to $508,785 in the same  period
in  1998 due to an overall decrease in operating expenses due  to  the
decrease in occupancy.

                     Depreciation  and amortization expense  increased
$18,801 from $126,751 in the first quarter of 1997 to $145,552 in  the
same  period in 1998.  The increase from the first quarter of 1996  to
the same period in 1997 is the result of the amortization of loan fees
incurred in connection with the refinancing of the Redick Plaza  Hotel
in July 1997.

                      Interest  expense  increased  by  $148,956  from
$98,776 in the first quarter of 1997 to $247,732 in the same period in
1998.  The increase is the result of an increase in the interest  rate
at  the  Redick  Plaza Hotel due to the July 1997 refinancing  and  an
increase  in interest expense at the Lofts at Red Hill due  to  a  new
loan.

                      Losses  incurred  during  the  quarter  at   the
Registrant's two properties amounted to $619,000, compared to  a  loss
of approximately $286,000 for the same period in 1997.

                     In the first quarter of 1998, Registrant incurred
a  loss  of  $601,000 at the Redick Plaza Hotel including $115,000  of
depreciation and amortization expense compared to a loss  of  $281,000
in  the first quarter of 1997, including $112,000 of depreciation  and
amortization  expense.  The increased loss from the first  quarter  of
1997  to the first quarter of 1998 is the result due to a decrease  in
average  occupancy  (50% to 31%) combined with a decrease  in  average
nightly  rates  ($97.27 to $89.89) at the Redick Plaza Hotel  combined
with  an increase in interest expense due to the July 1997 refinancing
which  included  an  interest rate increase.  The  increased  loss  is
partially offset by an overall decrease in operating expenses  due  to
the decrease in occupancy.

                     In the first quarter of 1998, Registrant incurred
a  loss  of  $18,000  at the Lofts at Red Hill, including  $15,000  of
depreciation  and amortization expense, compared to a loss  of  $5,000
including  $14,000  of depreciation expense in the  first  quarter  of
1997.  The increase in the loss from the first quarter of 1996 to  the
same  period  in  1997  is  due  to an increase  in  interest  expense
partially offset by an increase in rental income due to an increase in
the average occupancy (88% to 92%).  Interest expense increased due to
the new note placed on the property in September 1997.
<PAGE>

                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
                      CONSOLIDATED BALANCE SHEETS
                                   
                                Assets

                                         March 31, 1998        December 31, 1997
                                           (Unaudited)
Rental properties, at cost:                                          
Land                                      $   347,955             $   347,955
Buildings and improvements                 10,976,514              10,976,514
Furniture and fixtures                      1,175,768               1,175,768
                                           ----------              ----------
                                           12,500,237              12,500,237
Less - Accumulated depreciation            (5,410,036)             (5,284,345)
                                           ----------              ----------
                                            7,090,201               7,215,892
                                                                     
Cash and cash equivalents                      93,877                  57,736
Restricted cash                               180,498                 176,129
Accounts and notes receivable                  90,539                 117,468
Other assets (net of amortization of                           
$305,604 and $319,567 at March 31, 1998                           
and December 31, 1997, respectively)          377,089                 396,949
                                           ----------              ---------- 
       Total                              $ 7,832,204             $ 7,964,174
                                           ==========              ==========
                   Liabilities and Partners' Equity

Liabilities:
Debt obligations                          $ 6,807,655             $ 6,804,113
Accounts payable:                                                    
       Trade                                  622,074                 385,613
       Related parties                         33,656                  55,000
       Taxes                                   97,833                  35,123
Interest payable                            1,101,850                 869,660
Accrued liabilities                            85,675                  77,899
Tenant security deposits                        9,815                   9,380
                                           ----------              ---------- 
       Total liabilities                    8,758,558               8,236,788
                                           ----------              ----------
Partners' equity                             (926,354)               (272,614)
                                           ----------              ----------  
       Total                              $ 7,832,204             $ 7,964,174
                                           ==========              ==========

The accompanying notes are an integral part of these financial statements.
<PAGE>


                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
                 CONSOLIDATED STATEMENTS OF OPERATIONS
          For the Three Months Ended March 31, 1998 and 1997
                              (Unaudited)

                                          Three months             Three months
                                              ended                    ended
                                            March 31,                March 31,
                                              1998                     1997
Revenues:                                                                  
Rental income                             $   31,820               $   28,185
Hotel income                                 254,275                  443,663
Interest income                                  689                    6,338
                                             -------                  -------  
       Total revenues                        286,784                  478,186
                                             -------                  -------  
Costs and expenses:                                                        
Rental operations                             22,456                   23,379
Hotel operations                             508,785                  513,406
General and administrative                    15,999                   45,999
Interest                                     247,732                   98,776
Depreciation and amortization                145,552                  126,751
                                             -------                  ------- 
       Total costs and expenses              940,524                  808,311
                                             -------                  -------  
Net loss                                 ($  653,740)             ($  330,125)
                                             =======                  ======= 

Net loss per limited partnership unit    ($    58.09)             ($    29.33)
                                             =======                  =======

The accompanying notes are an integral part of these financial statements.
<PAGE>

                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)
                                   
                 CONSOLIDATED STATEMENTS OF CASH FLOWS
          For the Three Months Ended March 31, 1998 and 1997
                              (Unaudited)

                                                           Three months ended
                                                               March 31,
                                                          1998         1997
Cash flows from operating activities:                                         
 Net loss                                             ($  653,740) ($  330,125)
 Adjustments to reconcile net loss to net cash 
   provided by (used in) operating activities:     
 Depreciation and amortization                            145,552      126,751
 Changes in assets and liabilities:                                           
 Increase in restricted cash                               (4,369)    (100,045)
 Decrease in accounts receivable                           26,929        4,138
 Increase in other assets                                       0       (1,127)
 Increase (decrease) in accounts payable - trade          236,460      (19,906)
 Decrease in accounts payable - related parties           (21,344)     (75,063)
 Increase (decrease) in accounts payable - taxes           62,710      (25,541)
 Increase in interest payable                             232,190       98,897
 Increase (decrease) increase in accrued liabilities          435       (5,615)
 Increase (decrease) in tenant security deposits            7,776         (713)
                                                          -------      -------  
Net cash provided by (used in) operating activities        32,599     (328,349)
                                                          -------      -------
Cash flows from investing activities:                                         
 Capital expenditures                                           0       (1,332)
                                                          -------      ------- 
Net cash used in investing activities                           0       (1,332)
                                                          -------      ------- 
Cash flows from financing activities:                                         
 Principal payments                                         3,542            0
                                                          -------      -------
Net cash provided by financing activities                   3,542            0
                                                          -------      -------
Increase (decrease) in cash and cash equivalents           36,141     (329,681)
                                                                              
Cash and cash equivalents at beginning of period           57,736    1,126,711
                                                          -------    ---------
Cash and cash equivalents at end of period             $   93,877   $  797,030
                                                          =======    =========

The accompanying notes are an integral part of these financial statements.
<PAGE>

                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                              (Unaudited)


NOTE 1 - BASIS OF PRESENTATION

The   unaudited  consolidated  financial  statements  of   Diversified
Historic  Investors V (the "Registrant") and related notes  have  been
prepared  pursuant to the rules and regulations of the Securities  and
Exchange  Commission.  Accordingly, certain information  and  footnote
disclosures  normally  included in financial  statements  prepared  in
accordance  with  generally accepted accounting principles  have  been
omitted  pursuant  to  such rules and regulations.   The  accompanying
consolidated financial statements and related notes should be read  in
conjunction with the audited financial statements in Form 10-K of  the
Registrant, and notes thereto, for the year ended December 31, 1997.

The  information furnished reflects, in the opinion of management, all
adjustments, consisting of normal recurring accruals, necessary for  a
fair presentation of the results of the interim periods presented.

                      PART II - OTHER INFORMATION


Item 1.        Legal Proceedings

                To  the best of its knowledge, Registrant is not party
to,  nor  is any of its property the subject of, any pending  material
legal proceedings.

Item 4.        Submission of Matters to a Vote of Security Holders

                No matter was submitted during the quarter covered  by
this report to a vote of security holders.


Item 6.        Exhibits and Reports on Form 8-K

               (a)  Exhibit      Document
                    Number    

                      3          Registrant's  Amended and Restated  Certificate
                                 of   Limited   Partnership  and  Agreement   of
                                 Limited  Partnership, previously filed as  part
                                 of    Amendment    No.   2   of    Registrant's
                                 Registration  Statement  on  Form   S-11,   are
                                 incorporated herein by reference.
                                                
                     21          Subsidiaries  of the Registrant are  listed  in
                                 Item  2.  Properties on Form  10-K,  previously
                                 filed and incorporated herein by reference.
               (b)  Reports on Form 8-K:

                    No  reports  were  filed  on  Form  8-K  during  the
                    quarter ended March 31, 1998.
<PAGE>                                   
                              SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of
1934,  Registrant  has duly caused this report to  be  signed  on  its
behalf by the undersigned, thereunto duly authorized.

Date:   June 29, 1998         DIVERSIFIED HISTORIC INVESTORS V
        -------------
                              By: Dover Historic Advisors V, General Partner
                                         
                                  By: EPK, Inc., Partner
                                             
                                      By: /s/ Spencer Wertheimer
                                          ----------------------
                                          SPENCER WERTHEIMER
                                          President and Treasurer