<PAGE>   1
================================================================================

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 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 June 30, 1997 .................

                                       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 NO.
                                    0-14105
                                  ------------

                        MURRAY INCOME PROPERTIES I, LTD.
             (Exact Name of Registrant as Specified in its Charter)


              TEXAS                                              75-1946214
(State or Other Jurisdiction of                               (I.R.S. Employer
Incorporation or Organization)                               Identification No.)

5550 LBJ FREEWAY, SUITE 675, DALLAS, TEXAS                          75240
 (Address of principal executive offices)                         (Zip Code)

                                 (972) 991-9090
              (Registrant's Telephone Number, including Area Code)

     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>   2

MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
CONSOLIDATED BALANCE SHEETS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                      June 30,      December 31,
                                                        1997            1996
                                                    ------------    ------------
                                                    (unaudited)
<S>                                                 <C>             <C>         
ASSETS

Investment properties, at cost:
   Land                                             $  6,232,801    $  6,232,801
   Buildings and improvements                         20,294,507      20,268,559
                                                    ------------    ------------
                                                      26,527,308      26,501,360
   Less accumulated depreciation                       9,354,309       8,929,957
                                                    ------------    ------------
     Net investment properties                        17,172,999      17,571,403
Cash and cash equivalents                              1,451,337       1,417,536
Accounts and notes receivable,
  net of allowance of $5,990 and
  $7,283, in 1997 and 1996, respectively                 749,250         727,269
Other assets, at cost, net of accumulated
  amortization of $474,184 and $437,800
  in 1997 and 1996, respectively                         280,978         277,723
                                                    ------------    ------------
                                                    $ 19,654,564    $ 19,993,931
                                                    ============    ============

LIABILITIES AND PARTNERS' EQUITY

Accounts payable                                    $     31,815    $     25,301
Accrued property taxes                                   123,494         193,937
Security deposits                                        174,052         205,793
                                                    ------------    ------------
          Total liabilities                              329,361         425,031
                                                    ------------    ------------

Minority interest in joint venture                     1,433,940       1,468,518
                                                    ------------    ------------

Partners' equity:
   General Partners:
     Capital contributions                                 1,000           1,000
     Cumulative net earnings                             206,821         194,802
     Cumulative cash distributions                      (349,552)       (333,350)
                                                    ------------    ------------
                                                        (141,731)       (137,548)
                                                    ------------    ------------

   Limited Partners (28,227 Interests):
     Capital contributions, net of offering costs     24,570,092      24,570,092
     Cumulative net earnings                          10,591,029      10,002,076
     Cumulative cash distributions                   (17,128,127)    (16,334,238)
                                                    ------------    ------------
                                                      18,032,994      18,237,930
                                                    ------------    ------------
          Total partners' equity                      17,891,263      18,100,382
                                                    ------------    ------------
                                                    $ 19,654,564    $ 19,993,931
                                                    ============    ============
</TABLE>


See accompanying notes to consolidated financial statements.


                                       2
<PAGE>   3

MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                 Three Months Ended          Six Months Ended
                                                      June 30,                   June 30,
                                              ------------------------   ------------------------
                                                 1997          1996         1997          1996
                                              ----------    ----------   ----------    ----------
<S>                                           <C>           <C>          <C>           <C>       
Income:
   Rental                                     $  799,158    $  727,059   $1,630,111    $1,489,252
   Interest                                       19,878        17,941       38,916        35,880
                                              ----------    ----------   ----------    ----------
                                                 819,036       745,000    1,669,027     1,525,132
                                              ----------    ----------   ----------    ----------

Expenses:
   Depreciation                                  212,211       210,087      424,352       420,808
   Property operating                            208,146       209,964      408,722       392,229
   General and administrative                     65,813        81,969      165,402       177,773
   Bad debts (recoveries), net                    (1,293)        1,304       (1,293)        5,129
                                              ----------    ----------   ----------    ----------
                                                 484,877       503,324      997,183       995,939
                                              ----------    ----------   ----------    ----------

       Earnings before minority interest         334,159       241,676      671,844       529,193

       Minority interest in joint venture's
       earnings                                   32,652        31,487       70,872        66,582
                                              ----------    ----------   ----------    ----------

       Net earnings                           $  301,507    $  210,189   $  600,972    $  462,611
                                              ==========    ==========   ==========    ==========

Earnings per limited partnership interest     $    10.47    $     7.30   $    20.87    $    16.06
                                              ==========    ==========   ==========    ==========
</TABLE>



See accompanying notes to consolidated financial statements.


                                       3
<PAGE>   4

MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY
(UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                    General         Limited
                                    Partners        Partners         Total
                                  ------------    ------------    ------------
<S>                               <C>             <C>             <C>         
Six months ended June 30, 1996:

   Balance at December 31, 1995   $   (126,844)   $ 18,762,421    $ 18,635,577
   Net earnings                          9,252         453,359         462,611
   Cash distributions                  (14,402)       (705,676)       (720,078)
                                  ------------    ------------    ------------
   Balance at June 30, 1996       $   (131,944)   $ 18,510,104    $ 18,378,110
                                  ============    ============    ============


Six months ended June 30, 1997:

   Balance at December 31, 1996   $   (137,548)   $ 18,237,930    $ 18,100,382
   Net earnings                         12,019         588,953         600,972
   Cash distributions                  (16,202)       (793,889)       (810,091)
                                  ------------    ------------    ------------
   Balance at June 30, 1997       $   (141,731)   $ 18,032,994    $ 17,891,263
                                  ============    ============    ============
</TABLE>

See accompanying notes to consolidated financial statements.


                                       4
<PAGE>   5

MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                              Six Months Ended
                                                                   June 30,
                                                           ------------------------
                                                              1997          1996
                                                           ----------    ----------
<S>                                                        <C>           <C>       
Cash flows from operating activities:
     Net earnings                                          $  600,972    $  462,611
     Adjustments to reconcile net earnings to net
      cash provided by operating activities:
        Bad debts (recoveries), net                            (1,293)        5,129
        Depreciation                                          424,352       420,808
        Amortization of other assets                           36,384        33,087
        Minority interest in joint venture's earnings          70,872        66,582
        Change in assets and liabilities:
          Accounts and notes receivable                       (20,688)       (1,031)
          Other assets                                        (39,639)      (57,062)
          Accounts payable                                      6,514        37,498
          Accrued property taxes and security deposits       (102,184)      (84,556)
                                                           ----------    ----------
            Net cash provided by operating activities         975,290       883,066
                                                           ----------    ----------

Cash flows from investing activities -
     Additions to investment properties                       (25,948)      (57,315)
                                                           ----------    ----------

Cash flows from financing activities:
     Distributions to minority interest in joint venture     (105,450)      (96,750)
     Cash distributions                                      (810,091)     (720,078)
                                                           ----------    ----------
            Net cash used in financing activities            (915,541)     (816,828)
                                                           ----------    ----------

Net increase in cash and cash equivalents                      33,801         8,923

Cash and cash equivalents at beginning of period            1,417,536     1,325,197
                                                           ----------    ----------

Cash and cash equivalents at end of period                 $1,451,337    $1,334,120
                                                           ==========    ==========
</TABLE>


See accompanying notes to consolidated financial statements.


                                       5
<PAGE>   6

MURRAY INCOME PROPERTIES I, LTD.
(A LIMITED PARTNERSHIP)
AND CONSOLIDATED JOINT VENTURE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

1.   BASIS OF ACCOUNTING

     The consolidated financial statements include the accounts of the
Partnership and Tower Place Joint Venture (85% owned by the Partnership). All
significant intercompany balances and transactions have been eliminated in
consolidation.

     The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.

     Rental income is recognized as earned under the leases. Accordingly, the
Partnership accrues rental income for the full period of occupancy using the
straight line method over the related terms. At June 30, 1997 and December 31,
1996, $502,507 and $506,148, respectively, of accounts receivable related to
such accruals.

     Other assets consist primarily of deferred leasing costs which are
amortized using the straight line method over the lives of the related leases.

     Depreciation is provided over the estimated useful lives of the respective
assets using the straight line method. The estimated useful lives of the
buildings and improvements range from three to twenty-five years.

     Effective January 1, 1995, the Partnership implemented Statement of
Financial Accounting Standards No. 121, "Accounting for the Impairment of
Long-Lived Assets and Long-Lived Assets to Be Disposed Of," (SFAS 121) which
establishes the method of accounting for rental property when circumstances
indicate that the carrying amount of an asset may not be recoverable. The
Partnership periodically reevaluates the propriety of the carrying amounts of
investment properties to determine whether current events and circumstances
warrant an adjustment to such carrying amounts. Such evaluations are performed
utilizing annual appraisals performed by independent appraisers as well as
internally developed estimates of expected undiscounted future cash flows. In
the event the carrying value of an individual property exceeds expected future
undiscounted cash flows, the property is written down to the most recently
appraised value. Since inception of the Partnership, none of the Partnership's
properties have required write downs.

     No provision for income taxes has been made as the liabilities for such
taxes are those of the individual Partners rather than the Partnership. The
Partnership files its tax return on the accrual basis used for Federal income
tax purposes.

     Earnings per limited partnership interest are based upon the limited
partnership interests outstanding at period-end and the net earnings allocated
to the Limited Partners in accordance with the Partnership Agreement.

     For purposes of reporting cash flows, the Partnership considers all
certificates of deposit and highly liquid debt instruments with original
maturities of three months or less to be cash equivalents.




                                       6

<PAGE>   7




--------------------------------------------------------------------------------

     The following information relates to estimated fair values of the
Partnership's financial instruments as of June 30, 1997 and December 31, 1996.
For cash and cash equivalents, accounts and notes receivable, accounts payable,
accrued property taxes payable, and security deposits, the carrying amounts
approximate fair value because of the short maturity of these instruments.

2.   PARTNERSHIP AGREEMENT

     Pursuant to the terms of the Partnership Agreement, net profits or losses
of the Partnership and cash distributions are generally allocated 98% to the
Limited Partners and 2% to the General Partners. Cash distributions from the
sale or refinancing of a property are allocated as follows:

(a)  First, all Cash Distributions from Sales or Refinancings shall be
     allocated 99% to the Limited Partners and 1% to the Non-corporate General
     Partner until the Limited Partners have been returned their Original
     Invested Capital from Cash Distributions from Sales or Refinancings, plus
     their Preferred Return from Cash Distributions from Operations or Cash
     Distributions from Sales or Refinancings, or both.

(b)  Next, all Cash Distributions from Sales or Refinancings shall be allocated
     1% to the Non-corporate General Partner and 99% to the Limited Partners
     and the General Partners. Such 99% will be allocated (i) first to the
     Corporate General Partner in an amount equal to any unpaid Cash
     Distributions from Operations subordinated to the Limited Partners' 7%
     non-cumulative annual return and (ii) thereafter, 80% to the Limited
     Partners and 20% to the General Partners.

     Cash Distributions from Sales or Refinancings (other than the 1% of Cash
     Distributions from Sales or Refinancings payable to the Non-corporate
     General Partner) payable to the General Partners shall be allocated 62
     1/2% to the Non-corporate General Partner and 37 1/2% to the Corporate
     General Partner.

3.   INVESTMENT PROPERTIES

     The Partnership owns and operates Mountain View Plaza, a shopping center
located in Scottsdale, Arizona, and Castle Oaks Village, a shopping center
located in Castle Hills (San Antonio), Texas. In addition, the Partnership owns
an 85% interest in Tower Place Joint Venture, a joint venture which owns Tower
Place Festival Shopping Center located in Pineville (Charlotte), North
Carolina. The remaining 15% interest in the joint venture is owned by Murray
Income Properties II, Ltd. ("MIP II"), an affiliated real estate limited
partnership. The Tower Place Joint Venture Agreement provides that the
Partnership will share profits, losses, and cash distributions according to the
Partnership's 85% ownership interest in the joint venture.

4.   OTHER

     Information furnished in this interim report reflects all adjustments
consisting of normal recurring adjustments, which, in the opinion of
management, are necessary to reflect a fair presentation of the results for the
periods presented.

     The financial information included in this interim report as of June 30,
1997 and for the three and six months ended June 30, 1997 and 1996 has been
prepared by management without audit by independent public accountants who do
not express an opinion thereon. The Partnership's annual report contains
audited consolidated financial statements. The notes to the consolidated
financial



                                       7
<PAGE>   8



statements in the Partnership's 1996 annual report are an integral part of the
consolidated financial statements presented herein.

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

LIQUIDITY AND CAPITAL RESOURCES

     As of June 30, 1997, the Partnership had cash and cash equivalents of
$1,451,337. Such amounts represent cash generated from operations and working
capital reserves.

     Rental income from leases with escalating rental rates is accrued using
the straight line method over the related lease terms. At June 30, 1997 and
December 31, 1996, $502,507 and $506,148, respectively, of accounts receivable
related to such accruals. Accounts receivable also consist of tenant
receivables, receivables for rent collected (but not yet remitted by the
property management companies managing the properties), and interest receivable
on short-term investments. The increase in accounts receivable of $20,688
(exclusive of bad debts and recoveries) from December 31, 1996 to June 30, 1997
is primarily due to an increase in tenant receivables at Mountain View Plaza
Shopping Center and Tower Place Festival Shopping Center. As of June 30, 1997
and December 31, 1996, the Partnership had allowances of $5,990 and $7,283,
respectively, for uncollectible accounts receivable.

     The decrease of $70,443 in accrued property taxes from December 31, 1996
to June 30, 1997 is primarily due to the payment of 1996 property taxes for the
Partnership's properties.

     During the three months ended June 30, 1997, the Partnership made Cash
Distributions from Operations totaling $432,046, (which was reduced by $21,534
related to 1996 North Carolina state income taxes paid on behalf of the
partners in connection with the operation of Tower Place Joint Venture) related
to the three month period ended March 31, 1997. Subsequent to June 30, 1997,
the Partnership made Cash Distributions from Operations of $432,046 relating to
the three months ended June 30, 1997. The distributed funds were derived from
the net cash flow generated from operations of the Partnership's properties and
from interest earned, net of administrative expenses, on funds invested in
short-term money market instruments.

     Future liquidity is currently expected to result from cash generated from
the operations of the Partnership's properties (which could be affected
negatively in the event of weakened occupancies, and/or rental rates), interest
earned on funds invested in short-term money market instruments and ultimately
through the sale of the Partnership's properties.



                                       8
<PAGE>   9

RESULTS OF OPERATIONS

     Rental income increased $140,859 for the six months ended June 30, 1997 as
compared to the same period in 1996. The following information details the
rental income generated, bad debt expense incurred, and average occupancy for
the periods shown for each of the Partnership's properties.

<TABLE>
<CAPTION>
                                        Three Months Ended         Six Months Ended
                                             June 30,                   June 30,
                                       ---------------------     ---------------------
                                         1997         1996         1997         1996
                                       --------     --------     --------     --------
<S>                                    <C>          <C>          <C>          <C>     
Mountain View Plaza Shopping Center

   Rental income                       $260,023     $226,575     $517,429     $462,442
   Bad debt expense                    $    -0-     $    -0-     $    -0-     $    -0-
   Average occupancy                        100%          94%         100%          95%

Castle Oaks Village Shopping Center

   Rental income                       $104,197     $ 76,300     $209,354     $154,843
   Bad debt expense (recovery)         $ (2,253)    $  1,901     $ (2,253)    $  5,820
   Average occupancy                         91%          70%          91%          71%

Tower Place Festival Shopping Center

   Rental income                       $434,938     $424,184     $903,328     $871,967
   Bad debt expense (recovery)         $    960     $   (597)    $    960     $   (691)
   Average occupancy                         98%          98%          98%          96%
</TABLE>


     Rental income at Mountain View Plaza in Scottsdale, Arizona increased
$54,987 for the six months ended June 30, 1997 as compared to the same period
in 1996 with higher rent due to higher occupancy, higher rental rates and
increased tenant reimbursements for common area maintenance costs being offset
by decreases in tenant reimbursements for real estate taxes and insurance
costs.

     Occupancy at Mountain View averaged 100% during the quarter ended June 30,
1997, unchanged from the previous quarter. During the quarter, one tenant who
occupies 1,080 square feet renewed its lease for five years. In June, Reay's
Ranch market, the specialty grocery store which occupied 19,359 square feet,
was acquired by Wild Oats Markets, a natural foods grocery chain which, as of
March, 1997, operated 45 stores in nine states and British Columbia. Wild Oats
also acquired the other two Reay's Ranch Markets located in the Phoenix area.
The Mountain View Plaza location will operate as a Wild Oats Market; however,
there will be no changes in the economic terms of the lease and the Partnership
will receive the same rental income, with no interruption, as it did under the
Reay's lease. Also during June several areas of the parking lot behind the
shopping center were repaired.

     Rental income at Castle Oaks Village in Castle Hills (San Antonio), Texas
increased $54,511 for the six months ended June 30, 1997 as compared to the
same period in 1996 primarily due to an increase in occupancy, an increase in
rental rates and higher tenant reimbursements for common area maintenance
costs, real estate taxes and insurance costs.

     Occupancy at Castle Oaks averaged 91% during the quarter ended June 30,
1997, unchanged from the previous quarter. One tenant who occupied 1,830 square
feet vacated its space at the end of its lease. This space was subsequently
leased to a new tenant who took occupancy immediately following the prior
tenant's move. An Italian restaurant which occupies 4,500 square feet completed
construction of a patio which will accommodate approximately ten tables for
outdoor dining. The patio is an attractive addition to the center and will
hopefully increase business for the restaurant.


                                       9
<PAGE>   10



     Rental income at Tower Place in Pineville (Charlotte), North Carolina
increased $31,361 for the six months ended June 30, 1997 as compared to the
same period in 1996 primarily due to an increase in occupancy, an increase in
rental rates and an increase in tenant reimbursements for common area
maintenance costs, offset by a decrease in percentage rent received.

     Occupancy at Tower Place averaged 98% during the quarter ended June 30,
1997, a one percent decrease from the previous quarter. In June one tenant who
occupied 1,604 square feet vacated its space prior to the expiration of its
lease. The General Partners are attempting to collect what is owed under the
lease. One new tenant who signed a lease for 2,100 square feet took occupancy
of its space in late June. Two tenants who occupy 2,590 square feet renewed
their leases for three years.

     Depreciation is provided over the estimated useful lives of the respective
assets using the straight line method. The estimated useful lives of the
buildings and improvements range from three to twenty-five years.

     Property operating expenses consist primarily of real estate taxes,
property management fees, insurance costs, utility costs, repair and
maintenance costs, leasing and promotion costs, and amortization of deferred
leasing costs. The increase in property operating expenses of $16,493 for the
six months ended June 30, 1997 as compared to the same period in 1996 is
primarily due to higher property management fees at each of the properties,
higher real estate taxes at Mountain View Plaza and Castle Oaks, higher repair
and maintenance costs at Mountain View Plaza and higher leasing and promotion
costs at Tower Place. Mountain View's total operating expenses increased, with
increases in utilities, repair and maintenance costs, property management fees,
security costs and real estate taxes. Castle Oaks' total operating expenses
increased with increases in property management fees, real estate taxes and
landscaping costs being offset by lower legal fees and insurance costs. Tower
Place's total operating expenses were flat with increases in property
management fees and leasing and promotion costs being offset by decreases in
real estate taxes, landscaping costs and security costs.

     General and administrative expenses incurred are related to legal and
accounting expenses, rent, investor services costs, salaries and benefits and
various other costs required for the administration of the Partnership,
including reimbursements of shared direct operating costs to Murray Income
Properties II, Ltd. General and administrative expenses decreased $12,371 for
the six months ended June 30, 1997 as compared to the same period in 1996
primarily due to a decrease in legal costs and investor services costs.



                                       10
<PAGE>   11
PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits:

<TABLE>
          <S>  <C>
          3a   Agreement of Limited Partnership of Murray Income Properties
               Ltd. 84. Reference is made to Exhibit A of the Prospectus dated
               May 31, 1984 contained in Amendment No. 2 to Partnership's Form
               S-11 Registration Statement. (File No. 2-90016)

          3b   Amended and Restated Certificate and Agreement of Limited
               Partnership dated as of May 23, 1984. Reference is made to
               Exhibit 3b to the 1989 Annual Report on Form 10-K filed with the
               Securities and Exchange Commission on March 31, 1990. (File No.
               0-14105)

          3c   Amended and Restated Certificate and Agreement of Limited
               Partnership dated as of June 25, 1984. Reference is made to
               Exhibit 3c to the 1989 Annual Report on Form 10-K filed with the
               Securities and Exchange Commission on March 31, 1990. (File No.
               0-14105)

          3d   Amended and Restated Certificate and Agreement of Limited
               Partnership dated as of November 27, 1984. Reference is made to
               Exhibit 3d to the 1989 Annual Report on Form 10-K filed with the
               Securities and Exchange Commission on March 31, 1990. (File No.
               0-14105)

          3e   Amended and Restated Certificate and Agreement of Limited
               Partnership dated as of April 1, 1985. Reference is made to
               Exhibit 3e to the 1989 Annual Report on Form 10-K filed with the
               Securities and Exchange Commission on March 31, 1990. (File No.
               0-14105)

          3f   Amended and Restated Certificate and Agreement of Limited
               Partnership dated as of November 15, 1989. Reference is made to
               Exhibit 3f to the 1989 Annual Report on Form 10-K filed with the
               Securities and Exchange Commission on March 31, 1990. (File No.
               0-14105)

          3g   Amended and Restated Certificate and Agreement of Limited
               Partnership dated as of January 10, 1990. Reference is made to
               Exhibit 3g to the 1989 Annual Report on Form 10-K filed with the
               Securities and Exchange Commission on March 31, 1990. (File No.
               0-14105)

          27   Financial Data Schedule. Filed herewith.

          99a  Glossary, as contained in the Prospectus dated May 31, 1984
               filed as part of Amendment No. 2 to Registrant's Form S-11
               Registration Statement. (File No. 2- 90016) Filed herewith.

          99b  Article XIII of the Agreement of Limited Partnership as
               contained in the Prospectus dated May 31, 1984 filed as part of
               the Amendment No. 2 to Registrant's Form S-11 Registration
               Statement. (File No. 2-90016) Filed herewith.

          99c  Amendment number nine to the Agreement of Limited Partnership
               contained in the Proxy Statement dated October 11, 1989. Filed
               herewith.
</TABLE>


                                       11

<PAGE>   12



<TABLE>
          <S>  <C>
          99d  Management Compensation as contained in the Prospectus (Pages 10
               through 17) dated May 31, 1984 filed as part of Amendment No. 2
               to Registrant's Form S-11 Registration Statement. (File No.
               2-90016) Filed herewith.
</TABLE>

     (b)  Reports on Form 8-K filed during the quarter ended June 30, 1997:

          None


                                       12
<PAGE>   13
                                   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.

                                        MURRAY INCOME PROPERTIES I, LTD.

                                        By: Murray Realty Investors VIII, Inc.
                                            A General Partner



Date: August 9, 1997                        By:   /s/ MITCHELL ARMSTRONG
                                               ----------------------------
                                                 Mitchell Armstrong
                                                 President
                                                 Chief Financial Officer



                                       13
<PAGE>   14

                               INDEX TO EXHIBITS



<TABLE>
<CAPTION>
  Document
   Number            Description
  --------           -----------
     <S>             <C>
     3a              Agreement of Limited Partnership of Murray Income
                     Properties Ltd. 84. Reference is made to Exhibit A of the
                     Prospectus dated May 31, 1984 contained in Amendment
                     No. 2 to Partnership's Form S-11 Registration Statement.
                     (File No. 2-90016)

     3b              Amended and Restated Certificate and Agreement of
                     Limited Partnership dated as of May 23, 1984. Reference
                     is made to Exhibit 3b to the 1989 Annual Report on Form
                     10-K filed with the Securities and Exchange Commission on
                     March 31, 1990. (File No. 0-14105)

     3c              Amended and Restated Certificate and Agreement of
                     Limited Partnership dated as of June 25, 1984. Reference
                     is made to Exhibit 3c to the 1989 Annual Report on Form
                     10-K filed with the Securities and Exchange Commission on
                     March 31, 1990. (File No. 0-14105)

     3d              Amended and Restated Certificate and Agreement of
                     Limited Partnership dated as of November 27, 1984.
                     Reference is made to Exhibit 3d to the 1989 Annual Report
                     on Form 10-K filed with the Securities and Exchange
                     Commission on March 31, 1990. (File No. 0-14105)

     3e              Amended and Restated Certificate and Agreement of
                     Limited Partnership dated as of April 1, 1985. Reference is
                     made to Exhibit 3e to the 1989 Annual Report on Form 10-
                     K filed with the Securities and Exchange Commission on
                     March 31, 1990. (File No. 0-14105)

     3f              Amended and Restated Certificate and Agreement of
                     Limited Partnership dated as of November 15, 1989.
                     Reference is made to Exhibit 3f to the 1989 Annual Report
                     on Form 10-K filed with the Securities and Exchange
                     Commission on March 31, 1990. (File No. 0-14105)

     3g              Amended and Restated Certificate and Agreement of
                     Limited Partnership dated as of January 10, 1990.
                     Reference is made to Exhibit 3g to the 1989 Annual Report
                     on Form 10-K filed with the Securities and Exchange
                     Commission on March 31, 1990. (File No. 0-14105)

     27              Financial Data Schedule. Filed herewith.

     99a             Glossary, as contained in the Prospectus dated May 31,
                     1984 filed as part of Amendment No. 2 to Registrant's Form
                     S-11 Registration Statement. (File No. 2-90016)  Filed
                     herewith.
</TABLE>

<PAGE>   15


<TABLE>
     <S>             <C>
     99b             Article XIII of the Agreement of Limited Partnership as
                     contained in the Prospectus dated May 31, 1984 filed as
                     part of the Amendment No. 2 to Registrant's Form S-11
                     Registration Statement. (File No. 2-90016)  Filed herewith.

     99c             Amendment number nine to the Agreement of Limited
                     Partnership contained in the Proxy Statement dated
                     October 11, 1989. Filed herewith.

     99d             Management Compensation as contained in the Prospectus
                     (Pages 10 through 17) dated May 31, 1984 filed as part of
                     Amendment No. 2 to Registrant's Form S-11 Registration
                     Statement. (File No. 2-90016)  Filed herewith.
</TABLE>