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 March 31, 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 March 31, 1998 and
December 31, 1997                                                 Page 3

     Consolidated Statements of Operations for the Three
     Months Ended March 31, 1998 and 1997                         Page 4

     Consolidated Statements of Cash Flows for the Three
     Months Ended March 31, 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 7

     Other Information                                            Page 8

     Signatures                                                   Page 9



The statements, in so far 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
                                            March 31     December 31
                                             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  (9,197,393)    (9,037,393)
               Real Estate,net            7,973,832      8,133,832
  Cash including cash investments            67,404         16,900 
        Escrow deposits                     519,212        702,955
        Prepaid Expenses                     13,464         20,686
        Deferred Financing Fees             203,087        217,958

               TOTAL ASSETS              $8,776,999     $9,092,331 
                                                       
                                                       
LIABILITIES AND PARTNERS'EQUITY:
                                                       
LIABILITIES
      Mortgage and notes Payable         $10,739,160   $10,769,977   
      Note Payable to affiliates             690,752       759,788   
      Amounts due affiliates                     123        45,235
        Real estate taxes payable             67,500             0   
        Security deposits                     48,169        46,591
        Accounts payable &                   191,048       306,030
        accrued expenses
                                                       
             Total liabilities            11,736,752    11,927,621
 
PARTNERS CAPITAL (DEFICIT)
        Limited Partners           (3,015,850)     (2,892,632)
        General  Partner               56,097          57,342
                                                       
Total Partners Capital (Deficit)   (2,959,753)     (2,835,290)

                                                       
TOTAL LIABILITIES AND               $8,776,999     $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
                                 March 31,
REVENUES                              1998           1997
                                                      
Rental income                       $638,847         $599,779
Other property                        11,740            8,984
Total revenues                       650,587          608,763
                                                      
EXPENSES                                              
Salaries & wages                      61,627           63,277
Maintenance & repairs                 87,568           52,731
Utilities                             48,033           51,936
Real estate taxes                     67,500           66,900
General administrative                26,242            7,532
Contract services                     28,218           28,126
Insurance                             15,223           12,098
Interest                             233,240           61,727
Depreciation and amortization        174,871          151,000
Property management fees (a)          32,528           30,419
Total expenses                       775,050          525,746
                                                      
Net Income                         ($124,463)         $83,017
                                                      
NET INCOME PER UNIT                 $ (11.31)          $ 7.55 

          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
                                                    Three Months Ended
                                                         March 31,
                                                     1998         1997
                                                           
CASH FLOWS FROM OPERATING ACTIVITY                         
Net income (loss)                                  ($124,463)     $83,017 
Adjustments to reconcile net income                        
(loss) to net cash provided by 
operating activities:                          
   Depreciation and amortization                     160,000      151,000
                                                           
    Net Effect of changes in operating accounts
                     Escrow deposits                 183,743      (60,099)
                     Prepaid expenses                  7,222        6,152
                     Accrued real estate taxes        67,500       66,900
                     Security deposits                 1,578         (489)
                     Accounts payable               (114,982)      30,890
                     Other assets                     14,871            0
                     Net cash provided by            195,469      277,371
                    (used for) operating activities

CASH FLOWS FROM INVESTING ACTIVITIES                       
      Repayment of mortgage notes payable           (30,817)     (220,847)
      Repayment of notes payable to affiliates      (69,036)            0
      Repayment of amounts due affiliates           (45,112)      (23,255)
Net cash used for investing activities             (144,965)     (244,102)
                                                           
NET INCREASE (DECREASE) IN CASH AND                  50,504        33,269
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING                 16,900        23,211
OF PERIOD
                                                           
CASH AND CASH EQUIVALENTS, END OF                    $67,404      $56,480
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


FIRST THREE MONTHS 1998 COMPARED TO FIRST THREE MONTHS 1997

At March 31, 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 95.0% for the first Three Months of
1998, as compared to 90.25% for the first Three Months of
1997.

Revenue from property operations increased $39,068, or
6.51%, for the first Three Months of 1998, as compared to
the 1997 first Three Months. The increase in other income of
$2,756 or 30.68% is primarily due to a increase in late and
returned check charges over the prior year. The following
table illustrates the components:

                   Increase         Percent
                  (Decrease)        Change
                                         
Rental income                      $39,068         6.51%
Other property                       2,756        30.68%
Net Increase (Decrease)            $41,824         6.87%


Property operating expenses increased $249,304, or 47.42%,
for the first Three Months of 1998, as compared to the same
period in 1997, primarily due to increases in interest
expense and maintenance & repairs.  The increase in interest
expense is due to the refinancing of the properties within
the fund.  Maintenance and repairs increased primarily due
to maintenance projects required by under the new mortgage
notes.  Insurance costs rose $3,125 or 25.83% due to higher
overall insurance costs at the annual renewal.  The
following table illustrates the components by category:

                       Increase         Percent
                       (Decrease)       Change
                                             
Salaries & wages                             $(1,650)          2.61%
Maintenance & repairs                         34,837          66.07%
Utilities                                     (3,903)          7.52%
Real estate taxes                                600           0.90%
General administrative                        18,710         248.41%
Contract services                                 92           0.33%
Insurance                                      3,125          25.83%
Interest                                     171,513         277.86%
Depreciation and amortization                 23,871          15.81%
Property management fees (a)                   2,109           6.93% 
Net Increase (Decrease)                     $249,304          47.42%
                                             

                                                   

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 March 31, 1998, the Partnership had $67,404 in cash
and cash equivalents as compared to $16,900 as of December
31, 1997 . The net decrease in cash of $50,504 is
principally due to the properties operations.
     
Each asset of the fund refinanced its debt during the
quarter.  The fund retired debt with a face value of
$6,500,000 and replace it 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 $582,703 at September 30,1997.

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.

The properties were encumbered by two non-recourse mortgage
notes as of December 31, 1996.  These mortgages payable had
a carrying value of $7,239,679 at December 31, 1996.  The
mortgage notes were entered into during 1993 and 1992 to
refinance certain mortgage notes which were in default.  The
Partnership accounted for these transactions as troubled
debt restructuring, and accordingly, are being carried at
the total future cash outflows for principal and interest.
Accordingly, no interest expense was or will be recorded on
these notes.

Additionally, the general partner has provided funding to
the Partnership in the form of notes payable with balances
at December 31,1996 totaling $2,35,310 which accrue interest
at prime plus 2% and are due on June 30, 2001, or upon
demand.  Additional funds have been provided by the general
partner in the form of advances which totaled $1,282,696 at
December 31, 1996.  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 $94,927, $102,678, and
$111,063 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.2-81074 effective 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 March 31,1998.


     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:     April 22, 1998