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, 2004    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)

                  2800 N. Dallas Pkwy Suite 100
                     Plano, Texas 75093-5994

            (Address of principal executive offices)


     Registrant's telephone number, including area code: (972)836-8000.


     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, 2004 and
     December 31, 2003                                               Page 3

     Consolidated Statements of Operations for the Three
     And Nine Months Ended September 30, 2004 and 2003               Page 4

     Consolidated Statements of Cash Flows for the Nine
     Ended September 30, 2004 and 2003                               Page 5


Item 2.  Results of Operations and Management Discussion and
         Analysis of

     Financial Condition                                             Page 6

     Liquidity and Capital Resources                                 Page 9

     Other Information                                               Page 10

     Signatures                                                      Page 12



The statements, insofar as they relate to the period subsequent
to December 31, 2003, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                 AMERICAN REPUBLIC REALTY FUND I

              Condensed Consolidated Balance Sheets
     ASSETS

          Real Estate assets, at cost

          Land                                $1,822,718       $1,822,718
          Buildings and improvements          16,099,903       16,099,903

                                              17,922,621       17,922,621
           Less: Accumulated depreciation    (13,592,432)     (13,097,432)

           Real Estate, net                    4,330,189        4,825,189

          Cash including cash investments        418,566          435,304
          Escrow deposits                        406,791          427,384
          Prepaid Expenses                        92,025           43,377
          Deferred Financing Fees                 63,093           80,300

                 TOTAL ASSETS                 $5,310,664       $5,811,554


     LIABILITIES AND PARTNERS' EQUITY:

     LIABILITIES

          Mortgage and notes payable          $9,957,791      $10,070,686
          Amounts due affiliates                      77            2,452
          Real estate taxes payable              223,047                0
          Security deposits                       67,401           71,944
          Accounts payable & accrued expenses    125,658          319,414


          Total liabilities                   10,373,974       10,464,496

     PARTNERS CAPITAL  (DEFICIT)

          Limited Partners                    (5,096,965)      (4,690,701)
          General Partner                         33,655           37,759

     Total Partners Capital (Deficit)         (5,063,310)      (4,652,942)


     TOTAL LIABILITIES AND PARTNER DEFICIT    $5,310,664       $5,811,554




                 AMERICAN REPUBLIC REALTY FUND I

         Condensed Consolidated Statement of Operations
                           (Unaudited)


                                Three Months Ended         Nine Months Ended
                                  September  30,             September 30,
 REVENUES                       2004          2003         2004         2003

 Rental income                 593,423    647,493    1,806,424    1,975,407
 Other property                 24,092     16,648       56,135       48,161
 Total revenues                617,515    664,141    1,862,559    2,023,568

 EXPENSES

 Salaries & wages               96,724     98,811      257,213      276,294
 Maintenance & repairs          72,463     59,158      167,450      172,069
 Utilities                      57,549     49,903      161,466      158,179
 Real estate taxes              72,549     75,249      223,047      225,747
 General administrative         34,813     30,167       83,722       84,175
 Contract services              26,412     29,119       82,483       83,589
 Insurance                      35,338     31,921      100,703       83,356
 Interest                      196,564    199,227      591,508      599,751
 Depreciation and amortization 170,735    180,736      512,207      542,208
 Property management fees (a)   30,876     33,292       93,128      101,247
 Total expenses                794,023    787,583    2,272,927    2,326,615



     Net Income              ($176,508  ($123,442)   ($410,368)   ($303,047)

     NET INCOME PER UNIT       $(16.05)   $(11.22)     $(37.31)     $(27.55)

     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
                                                         Nine Months Ended
                                                           September 30,
                                                        2004           2003

CASH FLOWS FROM OPERATING ACTIVITY
 Net income (loss)                                   ($410,368)     ($303,047)

 Adjustments to reconcile net income (loss)
  to net cash provided by operating activities:

 Depreciation and amortization                         495,000        525,000

 Net Effect of changes in operating accounts

                     Escrow deposits                    20,593        (98,267)
                     Prepaid expenses                  (48,648)       (51,707)
                     Accrued real estate taxes         223,047        225,747
                     Security deposits                  (4,543)           (36)
                     Accounts payable                 (193,756)      (144,879)
                     Other assets                       17,207         17,206

 Net cash provided by (used for) operating activities   98,532        170,017

 CASH FLOWS FROM INVESTING ACTIVITIES

           Repayment of mortgage notes payable        (112,895)      (116,354)

           Proceeds from amounts due affiliates         (2,375)          (279)

     Net cash used for investing activities           (115,270)      (116,633)

     NET INCREASE (DECREASE) IN CASH AND CASH          (16,738)        53,384
     EQUIVALENTS
     CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD    435,304        214,237

     CASH AND CASH EQUIVALENTS, END OF PERIOD         $418,566       $267,621

Basis of Presentation:

            The  accompanying  unaudited  condensed  consolidated
     financial statements have been prepared by American Republic
     Realty  Fund  I  (the "Company") pursuant to the  rules  and
     regulations of the Securities and Exchange Commission.   The
     financial  statements reflect all adjustments that  are,  in
     the  opinion of management, necessary to fairly present such
     information.  All such adjustments are of a normal recurring
     nature.   Although the Company believes that the disclosures
     are   adequate   to  make  the  information  presented   not
     misleading,  certain  information and footnote  disclosures,
     including  a description of significant accounting  policies
     normally  included  in  financial  statements  prepared   in
     accordance with accounting principles generally accepted  in
     the United States of America, have been condensed or omitted
     pursuant to such rules and regulations.

     These  financial  statements should be read  in  conjunction
     with the financial statements and notes thereto included  in
     the Company's 2003 Annual Report on Form 10-K filed with the
     Securities   and  Exchange  Commission.   The   results   of
     operations   for   interim  periods  are   not   necessarily
     indicative of the results for any subsequent quarter or  the
     entire fiscal year ending December 31, 2004.

Item 2. RESULTS OF OPERATIONS AND MANAGEMENTS DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION

THIRD QUARTER 2004 COMPARED TO THIRD QUARTER 2003

At  September 30, 2004 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 84.3% for the third quarter of 2004, as compared  to
90.9% for the third quarter of 2003.

Revenue from property operations decreased $46,626, or 7.02%, for
the third quarter of 2004, as compared to the 2003-third quarter.
The  decrease  in rental income of $54,070 or 8.35% is  primarily
due  to an increase in vacancy.  The increase in other income  of
$7,444  or  44.71% is primarily due to an increase  in  Late  and
other  fee collections from the properties.  The following  table
illustrates the components:

                         Increase     Percent
                        (Decrease)    Change

     Rental income       (54,070)      8.35%
     Other property        7,444      44.71%

     Net Increase        (46,626)      7.02%
     (Decrease)

Property  operating expenses increased $6,440 or 0.82%,  for  the
third  quarter of 2004, as compared to the same period  in  2003.
Maintenance & repairs increased $13,305 or 22.49% due to exterior
painting  being performed.  Utilities increased $7,646 or  15.32%
due  to  higher gas prices.  General and administrative increased
$4,646  or 15.40% due to real estate tax appeal costs.  Insurance
increased  $3,417 or 10.70% in connection with the annual  policy
renewal.    The  following table illustrates  the  components  by
category:

                                      Increase     Percent
                                     (Decrease)    Change

     Salaries & wages                 (2,087)       2.11%
     Maintenance & repairs            13,305       22.49%
     Utilities                         7,646       15.32%
     Real estate taxes                (2,700)       3.59%
     General administrative            4,646       15.40%
     Contract services                (2,707)       9.30%
     Insurance                         3,417       10.70%
     Interest                         (2,663)       1.34%
     Depreciation and amortization   (10,001)       5.53%
     Property management fees (a)     (2,416)       7.26%

     Net Increase                      6,440        0.82%
     (Decrease)

NINE MONTHS ENDED SEPTEMBER 2004 COMPARED TO NINE MONTHS ENDED
SEPTEMBER 2003

Revenue  from property operations decreased $161,009,  or  7.96%,
for the nine months ended September 2004, as compared to the nine
months  ended  September 2003. The decrease in rental  income  of
$168,983  or  8.55% is primarily due to an increase  in  vacancy.
The increase in other income of $7,974 or 16.56% is primarily due
to  an  increase  in  Late  and other fee  collections  from  the
properties.  The following table illustrates the components:

                               Increase       Percent
                              (Decrease)      Change

     Rental income             (168,983)       8.55%
     Other property               7,974       16.56%
     Net Increase              (161,009)       7.96%
     (Decrease)

Property operating expenses decreased $53,688 or 2.31%,  for  the
nine  months ended September 2004, as compared to the same period
in 2003. Insurance increased $17,347 or 20.81% in connection with
the  annual policy renewal.  Salaries and wages decreased $19,081
or 6.91% due to lower worker compensation expense.  The following
table illustrates the components by category:

                                         Increase
                                        (Decrease)

     Salaries & wages               (19,081)     6.91%
     Maintenance & repairs           (4,619)     2.68%
     Utilities                        3,287      2.08%
     Real estate taxes               (2,700)     1.20%
     General administrative            (453)     0.54%
     Contract services               (1,106)     1.32%
     Insurance                       17,347     20.81%
     Interest                        (8,243)     1.37%
     Depreciation and amortization  (30,001)     5.53%
     Property management fees (a)    (8,119)     8.02%

     Net Increase                   (53,688)     2.31%
     (Decrease)

 THIRD QUARTER 2003 COMPARED TO THIRD QUARTER 2002

At  September 30, 2003 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 90.9% for the third quarter of 2003, as compared  to
88.3% for the third quarter of 2002.

Revenue from property operations decreased $26,423, or 3.83%, for
the third quarter of 2003, as compared to the 2002 third quarter.
The  decrease  in rental income of $25,818 or 3.83% is  primarily
due  to a decrease in rental rates.  The decrease in other income
of  $605  or  3.51% is primarily due to an decrease in  Late  and
other  fee collections from the properties.  The following  table
illustrates the components:

                          Three
                          Month
                        Increase    Percent
                       (Decrease)   Change

Rental income           (25,818)     3.83%
Other property             (605)     3.51%
Net Increase            (26,423)     3.83%
(Decrease)

Property operating expenses decreased $19,737 or 2.44%,  for  the
third  quarter of 2003, as compared to the same period  in  2002.
Maintenance & repairs decreased $31,904 or 35.04% due to  reduced
property  exterior  construction projects.   Insurance  increased
$8,230  or  34.74% in connection with the annual policy  renewal.
The  increase  in  general & administrative is due  to  increased
professional  fees  and  banks  charges.   The  following   table
illustrates the components by category:

                                         Increase      Percent
                                        (Decrease)     Change

Salaries & wages                           2,725        2.84%
Maintenance & repairs                    (31,904)      35.04%
Utilities                                 (2,267)       4.35%
Real estate taxes                           (666)       0.88%
General administrative                     4,929       19.53%
Contract services                          3,141       12.09%
Insurance                                  8,230       34.74%
Interest                                  (2,696)       1.34%
Depreciation and amortization                  1        0.00%
Property management fees (a)              (1,230)       3.56%

Net Increase                             (19,737)       2.44%
(Decrease)

NINE MONTHS ENDED SEPTEMBER 2003 COMPARED TO NINE MONTHS ENDED
SEPTEMBER 2002

Revenue from property operations decreased $31,491, or 1.53%, for
the  nine  months ended September 2003, as compared to  the  same
period  in   2002. The decrease in rental income  of  $29,037  or
1.45%  is  primarily  due to a decrease  in  rental  rates.   The
decrease in other income of $2,454 or 4.85% is primarily  due  to
an   decrease  in  Late  and  other  fee  collections  from   the
properties.  The following table illustrates the components:

                              Increase   Percent
                             (Decrease)  Change

Rental income                 (29,037)    1.45%
Other property                 (2,454)    4.85%
Net Increase (Decrease)       (31,491)    1.53%

Property operating expenses increased $1,119 or 0.05%,  for  the
nine  months ended September 2003, as compared to the same period
in 2002. Maintenance & repairs decreased $34,039 or 16.52% due to
reduced   property  exterior  construction  projects.   Insurance
increased $20,979 or 33.63% in connection with the annual  policy
renewal.  Salaries and wages increased $15,788 or 6.06% due to an
increase in workers compensation insurance.  The following  table
illustrates the components by category:

                                           Increase
                                          (Decrease)

Salaries & wages                       15,788     6.06%
Maintenance & repairs                 (34,039)   16.52%
Utilities                               4,458     2.90%
Real estate taxes                      (2,664)    1.17%
General administrative                  1,908     2.32%
Contract services                       3,999     5.02%
Insurance                              20,979    33.63%
Interest                               (7,931)    1.31%
Depreciation and amortization               1     0.00%
Property management fees (a)           (1,380)    1.34%

Net Increase (Decrease)                 1,119     0.05%


 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, 2004, the Partnership had $418,566  in
cash  and cash equivalents as compared to $435,304 as of December
31,  2003. The net decrease in cash of $16,738 is principally due
to cash flow from operations.

     On September 30, 2002 the partnership distributed $25.00 per
limited  partnership unit to units of record September 30,  2002.
This  distribution was made from excess cash on  hand  from  cash
flow from 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.  The
Partnerships  required principal payments due  under  the  stated
terms  of  the Partnerships mortgage notes payable are  $152,028,
$164,442 and $177,870 for each of the next three years.

     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.

Item 3 - Quantitative and Qualitative Disclosure about Market
Risk

     The   Partnership  is  exposed  to  interest  rate   changes
primarily  as  a  result  of  its  real  estate  mortgages.   The
Partnerships interest rate risk management objective is to  limit
the  impact  of interest rate changes on earnings and cash  flows
and  to  lower  it's  overall borrowing costs.   To  achieve  its
objectives,  the  Partnership borrows primarily at  fixed  rates.
The  Partnership does not enter into derivative or interest  rate
transactions for any purpose.

     The  Partnerships' activities do not contain  material  risk
due  to  changes  in general market conditions.  The  partnership
invests only in fully insured bank certificates of deposits,  and
mutual funds investing in United States treasury obligations.

Item 4 - Controls and Procedures

     Based  on  their most recent evaluation, which was completed
within  90  days  of  the filing of this Form  10-Q,  our  Acting
Principal Executive Officer and Chief Financial Officer,  believe
our  disclosure controls and procedures (as defined  in  Exchange
Act  Rules 13a-14 and 15d-14) are effective. There were  not  any
significant changes in internal controls or in other factors that
could significantly affect these controls subsequent to the  date
of their evaluation, and there has not been any corrective action
with regard to significant deficiencies and material weaknesses.



          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
     31.1                          Certification Pursuant to
                                   Rules 13a-14 and 15d-14 Under
                                   the Securities Exchange Act of
                                   1934, as Adopted Pursuant to
                                   Section 302 of the Sarbanes-
                                   Oxley Act of 2002, filed
                                   herewith.

     32.1                          Certification Pursuant to 18
                                   U.S.C. Section 1350, as
                                   Adopted Pursuant to Section
                                   906 of the Sarbanes-Oxley Act
                                   of 2002, filed herewith.

     (B)  Reports on Form 8-K for the quarter ended September 30, 2004.

     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:     July 29, 2004




                                             Exhibit 31.1

     CERTIFICATION PURSUANT TO RULES 13a-14 AND 15d-14 UNDER
   THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
          SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I  Robert J. Werra, Acting Principal Executive Officer and  Chief
Financial  Officer  of  American Republic  Realty  Fund  I  ("the
Company"), certify that:

1.     I  have reviewed this quarterly report on Form 10-Q of the
       Company;

2.     Based  on  my  knowledge, this quarterly report  does  not
       contain  any untrue statement of a material fact  or  omit
       to  state a material fact necessary to make the statements
       made,  in  light  of the circumstances  under  which  such
       statements were made, not misleading with respect  to  the
       period covered by this quarterly report;

3.     Based  on  my  knowledge,  the financial  statements,  and
       other  financial  information included in  this  quarterly
       report,  fairly  present  in  all  material  respects  the
       financial condition, results of operations and cash  flows
       of  the  registrant as of, and for, the periods  presented
       in this quarterly report;

4.     I   am   responsible  for  establishing  and   maintaining
       disclosure   controls  and  procedures  (as   defined   in
       Exchange  Act Rules 13a-15(e) and 15d-15(e)) and  internal
       control  over financial reporting (as defined in  Exchange
       Act  Rules  13a-15(f) and 15d-15(f)) for the  Company  and
       have:

  a.   designed  such  disclosure  controls  and  procedures,  or
       caused  such  disclosure controls  and  procedures  to  be
       designed  under  my supervision, to ensure  that  material
       information  relating to the company and its  consolidated
       subsidiaries  is made known to me by others  within  those
       entities, particularly for the periods presented  in  this
       quarterly report;

  b.   designed  such internal control over financial  reporting,
       or  caused  such internal control over financial reporting
       to   be   designed  under  my  supervision,   to   provide
       reasonable   assurance  regarding   the   reliability   of
       financial  reporting  and  the  preparation  of  financial
       statements  for  external  purposes  in  accordance   with
       generally accepted accounting principles.

  c.   evaluated  the  effectiveness of the  Companys  disclosure
       controls  and procedures and presented in this  report  my
       conclusions  about  the effectiveness  of  the  disclosure
       controls  and  procedures, as of the  end  of  the  period
       covered by this report based on such evaluation; and



    CERTIFICATION PURSUANT TO RULES 13a-14 AND 15d-14 UNDER
    THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
    SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - continued


  d.   disclosed  in  this report any change  in  the  Companys
       internal  control over financial reporting that occurred
       during the Companys most recent fiscal quarter that  has
       materially   affected,  or  is  reasonably   likely   to
       materially  affect, the Companys internal  control  over
       financial reporting; and


5.     I  have disclosed based on my most recent evaluation  of
       internal  control  over  financial  reporting,  to   the
       Companys  auditors and Audit Committee of the  Board  of
       Directors   (or   persons  fulfilling   the   equivalent
       function):

  a.   all significant deficiencies and material weaknesses  in
       the   design  or  operation  of  internal  control  over
       financial  reporting  which  are  reasonably  likely  to
       adversely   affect  the  Companys  ability  to   record,
       process, summarize, and report financial data; and

  b.   any  fraud,  whether  or  not  material,  that  involves
       management  or  other employees who have  a  significant
       role  in  the  Companys internal control over  financial
       reporting.




  /s/ Robert J. Werra


  Robert J. Werra
  Acting Principal Executive Officer and Chief Financial
                                   Officer
  October 30, 2004
























                                             Exhibit 32.1

                   CERTIFICATION PURSUANT TO
                    18 U.S.C. SECTION 1350,
                    AS ADOPTED PURSUANT TO
         SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

  In  connection with the Quarterly Report of American Republic
  Realty  Fund  I ("the Company") on Form 10-Q for  the  period
  ending  September 30, 2004 as filed with the  Securities  and
  Exchange  Commission on the date hereof  ("the  Report"),  I,
  Robert J. Werra, Acting Principal Executive Officer and Chief
  Financial  Officer of the Company, certify,  pursuant  to  18
  U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley
  Act of 2002, that:

          (1)  The report fully complies with the requirements of section
            13(a) or 15(d) of the Securities Exchange Act of 1934, as
            amended; and

          (2)  The information contained in the Report fairly presents,
            in all material respects, the financial condition and results
            of operations of the Company.



  /s/ Robert J. Werra


  Robert J. Werra
  Acting Principal Executive Officer and Chief Financial Officer
  October 30, 2004