<PAGE>   1



                UNITED STATED 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 September 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>
                                                      September 30,    December 31,
                                                         1997              1996      
                                                      ------------     ------------
                                                       (unaudited)
<S>                                                   <C>              <C>         
ASSETS

Investment properties, at cost:
    Land                                              $  6,232,801     $  6,232,801
    Buildings and improvements                          20,311,233       20,268,559
                                                      ------------     ------------
                                                        26,544,034       26,501,360
    Less accumulated depreciation                        9,566,716        8,929,957
                                                      ------------     ------------
      Net investment properties                         16,977,318       17,571,403
Cash and cash equivalents                                1,560,979        1,417,536
Accounts and notes receivable,
   net of allowance of $5,412 and
   $7,283, in 1997 and 1996, respectively                  757,193          727,269
Other assets, at cost, net of accumulated
    amortization of $492,440 and $437,800
    in 1997 and 1996, respectively                         261,545          277,723
                                                      ------------     ------------
                                                      $ 19,557,035     $ 19,993,931
                                                      ============     ============

LIABILITIES AND PARTNERS' EQUITY

Accounts payable                                      $     21,755     $     25,301
Accrued property taxes                                     183,175          193,937
Security deposits                                          202,093          205,793
                                                      ------------     ------------
           Total liabilities                               407,023          425,031
                                                      ------------     ------------

Minority interest in joint venture                       1,415,097        1,468,518
                                                      ------------     ------------

Partners' equity:
    General Partners:
      Capital contributions                                  1,000            1,000
      Cumulative net earnings                              212,335          194,802
      Cumulative cash distributions                       (358,193)        (333,350)
                                                      ------------     ------------
                                                          (144,858)        (137,548)
                                                      ------------     ------------

    Limited Partners (28,227 Interests):
      Capital contributions, net of offering costs      24,570,092       24,570,092
      Cumulative net earnings                           10,861,213       10,002,076
      Cumulative cash distributions                    (17,551,532)     (16,334,238)
                                                      ------------     ------------
                                                        17,879,773       18,237,930
                                                      ------------     ------------
           Total partners' equity                       17,734,915       18,100,382
                                                      ------------     ------------
                                                      $ 19,557,035     $ 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
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                    Three Months Ended               Nine Months Ended
                                                       September 30,                   September 30,   
                                                 ---------------------------    ---------------------------
                                                    1997            1996           1997             1996   
                                                 -----------     -----------    -----------     -----------
<S>                                             <C>               <C>            <C>                <C>
Income:
    Rental                                       $   779,480     $   726,467    $ 2,409,591     $ 2,215,719
    Interest                                          25,254          19,789         64,170          55,669
                                                 -----------     -----------    -----------     -----------
                                                     804,734         746,256      2,473,761       2,271,388
                                                 -----------     -----------    -----------     -----------

Expenses:
    Depreciation                                     212,407         211,674        636,759         632,482
    Property operating                               188,092         230,591        596,814         622,820
    General and administrative                        94,708          75,932        260,110         253,705
    Bad debt (recovery)                                 (578)            179         (1,871)          5,308
                                                 -----------     -----------    -----------     -----------
                                                     494,629         518,376      1,491,812       1,514,315
                                                 -----------     -----------    -----------     -----------

        Earnings before minority interest            310,105         227,880        981,949         757,073

Minority interest in joint venture's
  earnings                                            34,407          33,097        105,279          99,679
                                                 -----------     -----------    -----------     -----------

     Net earnings                                $   275,698     $   194,783    $   876,670     $   657,394
                                                 ===========     ===========    ===========     ===========

Earnings per limited partnership
 interest                                        $      9.57     $      6.76    $     30.44           22.82
                                                 ===========     ===========    ===========     ===========
</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
--------------------------------------------------------------------------------


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

    Balance at December 31, 1995                 $   (126,844)    $ 18,762,421     $ 18,635,577
    Net earnings                                       13,148          644,246          657,394
    Cash distributions                                (21,602)      (1,058,514)      (1,080,116)
                                                 ------------     ------------     ------------
    Balance at September 30, 1996                $   (135,298)    $ 18,348,153     $ 18,212,855
                                                 ============     ============     ============


Nine months ended September 30, 1997:

    Balance at December 31, 1996                 $   (137,548)    $ 18,237,930     $ 18,100,382
    Net earnings                                       17,533          859,137          876,670
    Cash distributions                                (24,843)      (1,217,294)      (1,242,137)
                                                 ------------     ------------     ------------
    Balance at September 30, 1997                $   (144,858)    $ 17,879,773     $ 17,734,915
                                                 ============     ============     ============
</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>
                                                               Nine Months Ended
                                                                  September 30,            
                                                           ---------------------------
                                                              1997            1996 
                                                           -----------     -----------
<S>                                                        <C>             <C>        
Cash flows from operating activities:
    Net earnings                                           $   876,670     $   657,394
    Adjustments to reconcile net earnings to net
     cash provided by operating activities:
       Bad debts (recoveries), net                              (1,871)          5,308
       Depreciation                                            636,759         632,482
       Amortization of other assets                             54,640          50,083
       Minority interest in joint venture's earnings           105,279          99,679
       Change in assets and liabilities:
          Accounts and notes receivable                        (28,053)        (33,634)
          Other assets                                         (38,462)        (55,631)
          Accounts payable                                      (3,546)         (2,903)
          Accrued property taxes and security deposits         (14,462)         (6,834)
                                                           -----------     -----------
             Net cash provided by operating activities       1,586,954       1,345,944
                                                           -----------     -----------

Cash flows from investing activities -
    Additions to investment properties                         (42,674)        (66,570)
                                                           -----------     -----------

Cash flows from financing activities:
    Distributions to minority interest in joint venture       (158,700)       (148,050)
    Cash distributions                                      (1,242,137)     (1,080,116)
                                                           -----------     -----------
             Net cash used in financing activities          (1,400,837)     (1,228,166)
                                                           -----------     -----------

Net increase in cash and cash equivalents                      143,443          51,208

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

Cash and cash equivalents at end of period                 $ 1,560,979     $ 1,376,405
                                                           ===========     ===========
</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 September 30, 1997 and
December 31, 1996, $499,987 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 September 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 September
30, 1997 and for the three and nine months ended September 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 September 30, 1997, the Partnership had cash and cash equivalents of
$1,560,979.  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 September 30, 1997 and
December 31, 1996, $499,987 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 $28,053
(exclusive of bad debts and recoveries) from December 31, 1996 to September 30,
1997 is primarily due to an increase in receivables for rent collected (but not
yet remitted by the property management companies) at Tower Place Festival
Shopping Center, Mountain View Plaza Shopping Center and Castle Oaks Shopping
Center.  As of September 30, 1997 and December 31, 1996, the Partnership had
allowances of $5,412 and $7,283, respectively, for uncollectible accounts
receivable.

    The decrease of $10,762 in accrued property taxes from December 31, 1996 to
September 30, 1997 is primarily due to the payment of 1996 property taxes for
the Partnership's properties.

    During the three months ended September 30, 1997, the Partnership made Cash
Distributions from Operations totalling $432,046 relating to the three month
period ended June 30, 1997.  Subsequent to September 30, 1997, the Partnership
made Cash Distributions from Operations of $432,046 relating to the three
months ended September 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 effective 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 $193,872 for the nine months ended September 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 the Partnership's properties.

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

    Rental income                       $   244,952      $   211,367      $   762,381      $   673,809
    Bad debt expense (recovery)               $ -0-            $ -0-            $ -0-            $ -0-
    Average occupancy                           100%              94%             100%              94%

Castle Oaks Village Shopping Center

    Rental income                       $   101,993      $    85,509      $   311,347      $   240,352
    Bad debt expense (recovery)         $      (578)     $     2,504      $    (2,831)     $     8,324
    Average occupancy                            90%              80%              91%              74%

Tower Place Festival Shopping Center

    Rental income                       $   432,535      $   429,591      $ 1,335,863      $ 1,301,558
    Bad debt expense (recovery)               $ -0-      $    (2,325)     $       960      $    (3,016)
    Average occupancy                            98%              97%              98%              97%
</TABLE>

    Rental income at Mountain View Plaza in Scottsdale, Arizona increased
$88,572 for the nine months ended September 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 and real
estate taxes being offset by decreases in tenant reimbursements for insurance
costs.

    Occupancy at Mountain View Plaza averaged 100% during the third quarter,
unchanged from the previous quarter.  In June, Reay's Ranch Markets, the
specialty grocery store who occupied 19,359 square feet was acquired by Wild
Oats Markets, a larger chain which operates approximately 45 stores.  In
September it was learned that Wild Oats intends to close the store at Mountain
View Plaza in November so that it will not compete with other Wild Oats
locations in the Scottsdale area.  Wild Oats does intend to continue paying
rent after the store closes.  Managment is aggressively purusing a replacement
tenant and is also exploring what claims it may have, if any, against Wild Oats
pursuant to the lease and the assignment from Reay's to Wild Oats.

    Rental income at Castle Oaks in Castle Hills (San Antonio), Texas increased
$70,995 for the nine months ended September 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 Village averaged 90% for the third quarter, a one
percent decrease from the previous quarter.  In September one tenant who
occupied 932 square feet vacated its space upon expiration of its lease.

    Rental income at Tower Place in Pineville (Charlotte), North Carolina
increased $34,305 for the nine months ended September 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.





                                       9
<PAGE>   10
    Occupancy at Tower Place Festival averaged 98% during the third quarter,
unchanged from the previous quarter.  In June a new tenant who signed a lease
for 2,100 square feet took occupancy of its space and in August a tenant who
occupied 1,260 square feet vacated its space upon expiration of its lease.

    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 decrease in property operating expenses of $26,006 for the
nine months ended September 30, 1997 as compared to the same period in 1996 is
primarily due to lower repair and maintenance costs at each of the properties
and lower legal fees at Castle Oaks.  Mountain View's total operating expenses
decreased with decreases in parking lot and roof maintenance being offset by
increases in property management fees, security costs, and real estate taxes.
Castle Oaks' total operating expenses increased slightly with increases in
landscaping costs and property management fees being offset by decreases in
legal fees and insurance costs.  Tower Place's total operating expenses
decreased with decreases in repair and maintenance costs and utilities being
offset by increases in leasing and promotion costs and property management
fees.

    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 increased $6,405 for
the nine months ended September 30, 1997 as compared to the same period in
1996, primarily due to increases in rent, telephone, salaries and benefits,
seminars and education costs, and legal and accounting fees.

    Recently the General Partners received an unsolicited offer to purchase all
of the Partnership's properties, as well as the properties owned by Murray
Income Properties II, Ltd.  This offer was carefully considered, but ultimately
rejected due to the General Partners' determination that the terms of the offer
were not in the best interests of the Limited Partners.

    Over the past several years the real estate markets have gotten stronger
and the properties' performance has improved, as evidenced by the recent
increases in the Partnership's distribution and the increase in the
Partnership's net income.  This improvement in the real estate markets has
resulted in an increase in the number of potential buyers as well as the number
of parties interested in purchasing limited partnership units on the secondary
market.  Some of these groups have solicited our limited partners with offers
to buy their units at prices well below the liquidation value stated each year
in the Partnership's annual report.  Barring any unforseen circumstances, the
General Partners believe that the markets will continue to improve.  Also,
management will continue to pursue a strategy of carefully selecting tenants,
achieving the highest rents possible, and maintaining the properties in first
class condition.  This strategy should result in the properties being well
positioned when the decision to sell is made.  Management is constantly
analyzing market conditions, comparable sales, and economic trends in order to
evaluate their impact on the value of the Partnership's properties, and intends
to sell the portfolio at the time when such a sale will maximize the
properties' values and otherwise be in the best interest of the Limited
Partners.





                                       10
<PAGE>   11
PART II.  OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

    (a)  Exhibits:

         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, 1989.
                 (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, 1989.
                 (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, 1989.
                 (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, 1989.
                 (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, 1989.
                 (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, 1989.
                 (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.





                                       11
<PAGE>   12
         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.

    (b)  Reports on Form 8-K filed during the quarter ended September 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: November 12, 1997                  By: /s/ Mitchell Armstrong 
                                            -----------------------------------
                                             Mitchell Armstrong
                                             President
                                             Chief Financial Officer






                                       13
<PAGE>   14
                               INDEX TO EXHIBITS


                                  DESCRIPTION

<TABLE>
<CAPTION>
       Exhibit No.
         <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, 1989.
                 (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, 1989.
                 (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, 1989.
                 (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, 1989.
                 (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, 1989.
                 (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, 1989.
                 (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>





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<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>





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