SECURITIES AND EXCHANGE COMMISSION

                         Washington, DC  20549

                               FORM 10-Q
                               
              Quarterly Report Under Section 13 or 15(d)
                of the Securities Exchange Act of 1934
                               
   For Quarter Ended September 30, 1998    Commission file number 0-11578

                     AMERICAN REPUBLIC REALTY FUND I

           (Exact name of registrant as specified in its charter)

                   WISCONSIN                   39-1421936
        (State or other jurisdiction of      (IRS Employer
         incorporation or organization       Identification Number)

                      6210 Campbell Road Suite 140
                           Dallas, Texas  75248

                 (Address of principal executive offices)


Registrant's telephone number, including area code:  (972) 380-8000.


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:  Y        No:


                REGISTRANT IS A LIMITED PARTNERSHIP








                       TABLE OF CONTENTS
                               
                               
                               

Item 1.  Financial Statements


The following Unaudited financial statements are filed herewith:

    Consolidated Balance Sheet as of September 30, 1998 and
    December 31, 1997                                          Page 3

     Consolidated Statements of Operations for the Six
     Months Ended September 30, 1998 and 1997                  Page 4

     Consolidated Statements of Cash Flows for the Nine months
     Ended September 30, 1998 and 1997                         Page  5



Item 2.  Results of Operations and Management's Discussion and
         Analysis of Financial Condition                       Page 6

         Liquidity and Capital Resources                       Page 8

         Other Information                                     Page 9

         Signatures                                            Page 10



The statements, insofar as they relate to the period subsequent to
December 31, 1997, are Unaudited.
                               

PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                  AMERICAN REPUBLIC REALTY FUND I
                Condensed Consolidated Balance Sheets
                                          September     December 31,
                                             30          
                                            1998           1997
                                        (Unaudited)         
                                 
                                                  
ASSETS                                                
           Real Estate assets, at cost
           Land                               $1,822,718     $1,822,718
           Buildings and improvements         15,348,507     15,348,507
                                              17,171,225     17,171,225
           Less: Accumulated depreciation     (9,517,393)    (9,037,393)
           Real Estate Net                     7,653,832      8,133,832
                                                      
           Cash including cash investments        60,090       16,900
           Escrow deposits                       455,701      702,955
           Prepaid Expenses                       33,276       20,686
           Deferred Financing Fees               173,344      217,958
        
                                                      
                   TOTAL ASSETS       $8,376,243     $9,092,331
                  
                                                      
                                                      
LIABILITIES AND PARTNERS'EQUITY:
                                                      
LIABILITES
        Mortgage and notes payable      $10,691,394     $10,769,977
        Note Payable to affiliates          430,414         759,788
        Amounts due affiliates                  324          45,235
        Real estate taxes payable           202,500               0
        Security deposits                    57,605          46,591
        Accounts payable &                  173,707         306,030
        accrued expenses
                                                      
            Total liabilities             11,555,944     11,927,621


PARTNERS CAPITAL (DEFICIT)
        Limited Partners                  (3,233,599)    (2,892,632)
        General  Partner                      53,898         57,342
                                                      
  Total Partners Capital (DEFICIT)        (3,179,701)    (2,835,290)
                                                          
                                                      
TOTAL LIABILITES AND                       $8,376,243     $9,092,331
PARTNER DEFICIT
         See notes to Condensed Consolidated Financial Statements
                               
                               
                               
                               
                  AMERICAN REPUBLIC REALTY FUND I
           Condensed Consolidated Statement of Operations
                            (Unaudited)
                               
                               
                               
                               
                                                                         
                               Three Months Ended   Nine Months Ended
                                   September30,        September 30,
REVENUES                         1998        1997     1998       1997
                                                                         
Rental income                  $646,753   $606,530  $1,932,933 $1,842,164
Other property                   17,532     15,812      44,837     39,802
Total revenues                  664,285    622,342   1,977,770  1,881,966
                                                                         
EXPENSES                                                                 
Salaries & wages                 68,772     67,875       205,846  208,513
Maintenance & repairs            94,507    206,704       293,347  318,222
Utilities                        41,442     40,825       133,111  133,836
Real estate taxes                67,500     66,900       202,500  200,700
General administrative           26,714     28,665        79,975   58,086
Contract services                29,446     29,282        85,495   88,747
Insurance                        10,612     15,227        37,860   40,974
Interest                        201,453    387,527       660,606  513,794
Depreciation and                174,872    165,871       524,614  467,871
amortization
Property management fees (a)     33,172     31,029        98,827    93,983
Total expenses                  748,490  1,039,905     2,322,181  2,124,726
                                                                         
NET INCOME before             ($84,205)  ($417,563)   ($344,411) ($242,760)
extraordinary item                      
                                                                         
Extraordinary Item -  Gain            0    348,836            0   348,836
on Debt Extinguish
                                                                         
Net Income                    ($84,205)   ($68,727)     (344,411)  106,076
                                                                         
NET INCOME PER UNITS             $(7.66)   $(6.25)      $(31.31)  $  9.64
                             
                               
                               
        See Notes to Condensed Consolidated Financial Statements



                   AMERICAN REPUBLIC REALTY FUND I
                               
            Condensed Consolidated Statement of Cash Flows
       See Notes to Condensed Consolidated Financial Statements
                              Unaudited
                                                        
                                                        
                                      Nine Months Ended September 30,
                                              1998         1997
                                                        
CASH FLOWS FROM OPERATING ACTIVITY
Net income (loss)                         ($344,411)    ($242,760)
Adjustments to reconcile net                            
income (loss) to net cash provided
  by operating activities:
  Depreciation and amortization              480,000       453,000
  Extraordinary  Item -  Gain                      0       348,836
  on Extinguish of Debt
  Net Effect of changes in                            
  operating accounts
  Esccrow deposits                          247,254     (516,831)
  Prepaid expenses                          (12,590)    (239,257)
  Accrued real estate taxes                 202,500      200,056
  Security deposits                          11,014        5,235
  Accounts payable                         (132,323)      53,529
  Other assets                               44,614            0
Net cash provided by (used for)             _______       _______
operating activities                        496,058       61,808
                                                        
CASH FLOWS FROM INVESTING ACTIVITIES
  Repayment of mortgage notes payable       (78,583)     3,545,408
  Repayment of notes payable to affiliates (329,374)
  Proceeds from amounts due                 (44,911)    (2,352,607)
  Repayment of amounts due affiliates             0     (1,275,739)
  Net cash used for investing activities   (452,868)       (82,938)

                                                        
NET INCREASE (DECREASE) IN CASH              43,190      (21,130)
AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS,                   16,900        23,211
BEGINNING OF PERIOD
                                                        
CASH AND CASH EQUIVALENTS, END OF           $60,090        $2,081
PERIOD
                               
Basis of Presentation:

     Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such
rules and regulations, although the Partnership believes that the
disclosures are adequate to make the information presented not misleading.
It is suggested that these condensed financial statements be read in
conjunction with the financial statements and notes thereto included in the
Partnership's latest annual report on Form 10-K.

                               







Item 2. RESULTS OF OPERATIONS AND MANAGEMENT'S DISCUSSION AND
        ANALYSIS OF FINANCIAL CONDITION


           THIRD QUARTER 1998 COMPARED TO THIRD QUARTER 1997

At September 30, 1998 the Partnership owned two properties with approximately
416,623 net rentable square feet.  Both properties are apartment communities.
The portfolio had an average occupancy of 95.8% for the third quarter of 1998,
as compared to 93.8% for the third quarter of 1997.

Revenue from property operations increased $41,943, or 6.74%, for the third
quarter of 1998, as compared to the 1997 third quarter. The increase in
rental income of $40,223 or 6.63% is primarily due to an increase in
occupancy and rental rates. The following table illustrates the components:

                   Increase          Per Cent
                   (Decrease)         Change
                  
                                         
Rental income                40,223          6.63%
Other property                1,720         10.88% 
Net Increase (Decrease)      41,943          6.74%

                                         


Property operating expenses decreased $291,415, or 28.02%, for the third
quarter of 1998, as compared to the same period in 1997, primarily due to
decreases in interest expense and maintenance & repairs.  The decrease in
interest expense is due to principal payoffs in 1997.  Maintenance and
repairs decreased $112,197 or 54.28% primarily due to roof replacements
done in 1997. The following table illustrates the components by
category:

                                                Increase              
                                                (Decrease)
                                            
Salaries & wages                               897          1.32%
Maintenance & repairs                     (112,197)        54.28%
Utilities                                      617          1.51%
Real estate taxes                              600          0.90%
General admisistrative                      (1,951)         6.81%
Contract services                              164          0.56%
Insurance                                   (4,615)        30.31%
Interest                                  (186,074)        48.02%
Depreciation and amortization                9,001          5.43%
Property management fees (a)                 2,143          6.91%
Net Increase (Decrease)                   (291,415)        28.02%




FIRST NINE MONTHS 1998 COMPARED TO FIRST NINE  MONTHS 1997

At September 30, 1998 the Partnership owned two properties with approximately
416,623 net rentable square feet.  Both properties are apartment communities.
The portfolio had an average occupancy of 95.5% for the first nine months of
1998,as compared to 93.7% for the first nine months of 1997.

Revenue from property operations increased $95,804, or 5.09%, for the first
nine months of 1998, as compared to the 1997first nine months. The increase
in other income of $5,035 or 12.65% is primarily due to a increase in late
and returned check charges over the prior year. The increase in rental
income of $90,769 or 4.93% is primarily due to an increase in occupancy and
rental rates.  The following table illustrates the components:

                          Increase            Per Cent
                         (Decrease)            Change
               
                                                 
Rental income              90,769           4.93%
Other property              5,035          12.65%
Net Increase (Decrease)    95,804           5.09%

Property operating expenses increased $197,455 or 9.29%, for the first nine
months of 1998, as compared to the same period in 1997, primarily due to
increases in interest expense.  The increase in interest expense is due to
the refinancing of the properties within the fund.  Maintenance and repairs
decreased $24,875 or 7.82% primarily due to roof being replaced in 1997.
General and administrative costs increased $21,889 or 37.68% primarily due to
higher administrative costs associated with the refinancing.  The following
table illustrates the components by category:

                          Increase                
                          (Decrease)
                                                  
Salaries & wages                        (2,667)          1.28%
Maintenance & repairs                  (24,875)          7.82%
Utilities                                 (725)          0.54%
Real estate taxes                        1,800           0.90%
General administrative                  21,889          37.68%
Contract services                       (3,252)          3.66%
Insurance                               (3,114)          7.60%
Interest                               146,812          28.57%
Depreciation and amortization           56,743          12.13%
Property management fees (a)             4,844           5.15%
Net Increase (Decrease)                197,455           9.29%




LIQUIDITY AND CAPITAL RESOURCES


     While it is the General Partners primary intention to
operate and manage the existing real estate investments, the
General Partner also continually evaluates this investment in
light of current economic conditions and trends to determine if
this asset should be considered for disposal. At this time,
there is no plan to dispose of either property.

As of September 30, 1998, the Partnership had $60,090 in cash
and cash equivalents as compared to $16,900 as of December 31,
1997 . The net increase in cash of $43,190 is principally due
to the properties operations.
     
Each asset of the fund refinanced its debt during July 1997.
The fund retired debt with a face value of $6,500,000 and
replaced with debt of $10,800,000.  The new mortgages in the
amounts of $4,000,000, $6,800,000 carry interest rates of 7.8%
and 7.92% respectively.  The notes come due August, 2007.

Net proceeds from the refinancing were used to reduce the notes
payable to affiliates.  During July, 1997 payments of
$3,500,000 were made to reduce the debt to affiliates.  This
together with interest on the debt reduced the amounts due
affiliates to $430,414 at September 30, 1998.

A gain on retirement of debt arose with the note refinancing
being triggered by the early retirement of the debt.  The
recognized gain of $348,836, was the difference between the
carrying value of the debt and the funds necessary to retire
the debt.


Additionally, the general partner has provided funding to the
Partnership in the form of notes payable with balances at
December 31,1997 totaling $759,788 which accrue interest at
prime plus 2% and are due on June 30, 2001, or upon demand.
The general partner is not obligated to provide additional
funding to the Partnership.

For the foreseeable future, the Partnership anticipates that
mortgage principal payments (excluding any balloon mortgage
payments), improvements and capital expenditures will be funded
by net cash from operations. The primary source of capital to
fund future Partnership acquisitions  and balloon mortgage
payments  will be proceeds from the sale, financing or
refinancing of the Properties.

The Partnership's required principal payments due under the
stated terms of the Partnership's  mortgage notes payable and
notes payable to affiliates are $102,678, $111,063 and $120,131
for each of the next three years.









          Other Information


Item 1.             Legal Proceedings

Item 2.             Changes in Securities
                    None

Item 3.             Defaults Upon Senior Securities
                    None

Item 4.             Submission of Matters to a Vote of Security
Holders
                    None

Item 5.             Other Information
                    None

Item 6.             Exhibit and Reports on Form 8-K
                   (A)The following documents are filed herewith or
                    incorporated herein by reference as indicated as
                    Exhibits:


Exhibit Designation                     Document Description

     2                             Certificate of Limited partnership,
                                   as amended, incorporated by reference to
                                   Registration Statement No.2-81074
                                   effective May 2, 1983.

                                   Limited Partnership Agreement,
                                   incorporated by reference to Registration
                                   Statement No.2- 81074effective May 2,1983.


     11                            Not Applicable
     15                            Not Applicable
     18                            Not Applicable
     19                            Not Applicable
     20                            Not Applicable
     23                            Not Applicable
     24                            Not Applicable

     25                            Power of Attorney,incorporated by
                                   reference to Registration Statement
                                   No. 2-81074 effective May 2,1983.

     28                            None

     (B)  Reports on Form 8-K for the quarter ended September 30,1998.

     1                             None









                         SIGNATURES


 Pursuant to the requirements of the Securities Exchange Act of 1934, the
 registrant has duly caused this report to be signed on its behalf by the
 undersigned thereunto duly authorized.
     
     
                         AMERICAN REPUBLIC REALTY FUND I
                         a Wisconsin limited partnership
     
     
     
                         By:  /s/ Robert J. Werra
                              Robert J. Werra,
                              General Partner
     
     
     
     
     
     
     Date:     November 9, 1998









[ARTICLE] 5
[LEGEND]
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BOTH
THE SEPTEMBER 30, 1998 BALANCE SHEET AND STATEMENT OF INCOME AND EXPENSES
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
[/LEGEND]
[CIK] 0000711512
[NAME] AMERICAN REPUBLIC REALTY FUND I
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   3-MOS
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               SEP-30-1998
[CASH]                                          60,090
[SECURITIES]                                         0
[RECEIVABLES]                                        0
[ALLOWANCES]                                         0
[INVENTORY]                                          0
[CURRENT-ASSETS]                                     0
[PP&E]                                      17,171,225
[DEPRECIATION]                               9,517,393
[TOTAL-ASSETS]                               8,376,243
[CURRENT-LIABILITIES]                                0
[BONDS]                                     10,691,394
[PREFERRED-MANDATORY]                                0
[PREFERRED]                                          0
[COMMON]                                             0
[OTHER-SE]                                 (3,179,701)
[TOTAL-LIABILITY-AND-EQUITY]                 8,376,394
[SALES]                                              0
[TOTAL-REVENUES]                               664,285
[CGS]                                                0
[TOTAL-COSTS]                                        0
[OTHER-EXPENSES]                               547,037
[LOSS-PROVISION]                                     0
[INTEREST-EXPENSE]                             201,453
[INCOME-PRETAX]                                      0
[INCOME-TAX]                                         0
[INCOME-CONTINUING]                                  0
[DISCONTINUED]                                       0
[EXTRAORDINARY]                                      0
[CHANGES]                                            0
[NET-INCOME]                                  (84,205)
[EPS-PRIMARY]                                   (7.66)
[EPS-DILUTED]                                        0
</TABLE>