UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(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, 2003


[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934


                For the transition period from _________to _________

                         Commission file number 0-17646


                       UNITED INVESTORS INCOME PROPERTIES
             (Exact name of registrant as specified in its charter)



         Missouri                                           43-1483942
(State or other jurisdiction of                          (I.R.S. Employer
 incorporation or organization)                         Identification No.)

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)

                                 (864) 239-1000
                           (Issuer's telephone number)

<PAGE>



                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS



                       UNITED INVESTORS INCOME PROPERTIES

                                  BALANCE SHEET
                                   (Unaudited)
                        (in thousands, except unit data)

                               September 30, 2003

<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  414
   Receivables and deposits                                                      35
   Other assets                                                                  30
   Investment properties:
       Land                                                  $ 1,522
       Buildings and related personal property                 9,934
                                                              11,456
       Less accumulated depreciation                          (4,853)         6,603
                                                                            $ 7,082
Liabilities and Partners' (Deficiency) Capital
Liabilities
   Accounts payable                                                           $ 5
   Tenant security deposit liabilities                                           47
   Accrued property taxes                                                        17
   Other liabilities                                                             81
   Due to affiliate                                                              21

Partners' (Deficiency) Capital
   General partner                                             $ (62)
   Limited partners (61,063 units
      issued and outstanding)                                  6,973          6,911
                                                                            $ 7,082


                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                       UNITED INVESTORS INCOME PROPERTIES

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
                      (in thousands, except per unit data)
<TABLE>
<CAPTION>

                                         Three Months Ended        Nine Months Ended
                                            September 30,            September 30,
                                          2003         2002         2003        2002
Revenues
<S>                                      <C>          <C>         <C>         <C>
  Rental income                          $ 411        $ 418       $ 1,165     $ 1,272
  Other income                               50           45          153         136
         Total revenues                     461          463        1,318       1,408

Expenses:
  Operating                                 195          170          584         532
  General and administrative                 38           23           88          89
  Depreciation                              103          100          311         307
  Property taxes                             40           29          112         106
         Total expenses                     376          322        1,095       1,034

Net income                                $ 85        $ 141        $ 223       $ 374

Net income allocated to general
  partner (1%)                            $ 1          $ 1          $ 2         $ 3
Net income allocated to limited
  partners (99%)                             84          140          221         371

                                          $ 85        $ 141        $ 223       $ 374

Net income per limited partnership
  unit                                   $ 1.38       $ 2.29      $ 3.62      $ 6.08
Distributions per limited
  partnership unit                        $ --        $ 2.96      $ 6.57      $ 6.50

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                       UNITED INVESTORS INCOME PROPERTIES

               STATEMENT OF CHANGES IN PARTNERS' (DEFICIENCY) CAPITAL
                                   (Unaudited)
                        (in thousands, except unit data)

<TABLE>
<CAPTION>

                                     Limited
                                   Partnership   General      Limited
                                      Units      Partner     Partners       Total

<S>                                   <C>          <C>        <C>          <C>
Original capital contributions        61,063       $ --       $15,266      $15,266

Partners' (deficiency) capital
   at December 31, 2002               61,063      $ (60)      $ 7,153      $ 7,093

Distributions to partners                 --          (4)        (401)        (405)

Net income for the nine months
   ended September 30, 2003               --           2          221          223

Partners' (deficiency) capital
   at September 30, 2003              61,063      $ (62)      $ 6,973      $ 6,911


                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                       UNITED INVESTORS INCOME PROPERTIES

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                   Nine Months Ended
                                                                     September 30,
                                                                   2003         2002
Cash flows from operating activities:
<S>                                                               <C>          <C>
  Net income                                                      $ 223        $ 374
  Adjustments to reconcile net income to net cash provided
   by operating activities:
     Depreciation                                                    311          307
     Change in accounts:
      Receivables and deposits                                         5          (13)
      Other assets                                                     8           18
      Accounts payable                                               (10)           3
      Tenant security deposit liabilities                             (2)           1
      Accrued property taxes                                          17           15
      Other liabilities                                               39          (32)
      Due to affiliate                                               (31)          --
        Net cash provided by operating activities                    560          673

Cash flows used in investing activities:
  Property improvements and replacements                             (85)         (88)

Cash flows used in financing activities:
  Distributions to partners                                         (405)        (401)

Net increase in cash and cash equivalents                             70          184

Cash and cash equivalents at beginning of period                     344          228

Cash and cash equivalents at end of period                        $ 414        $ 412

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                       UNITED INVESTORS INCOME PROPERTIES

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The  accompanying  unaudited  financial  statements of United  Investors  Income
Properties (the  "Partnership" or "Registrant") have been prepared in accordance
with generally accepted accounting  principles for interim financial information
and with the  instructions  to Form  10-QSB and Item 310(b) of  Regulation  S-B.
Accordingly,  they do not include all of the information and footnotes  required
by generally accepted accounting  principles for complete financial  statements.
In the opinion of United Investors Real Estate,  Inc. (the "General  Partner" or
"UIRE"), a Delaware corporation, all adjustments (consisting of normal recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating results for the three and nine month periods ended September 30, 2003,
are not  necessarily  indicative  of the results  that may be  expected  for the
fiscal year ending  December 31,  2003.  For further  information,  refer to the
financial  statements and footnotes thereto included in the Partnership's Annual
Report on Form 10-KSB for the fiscal year ended December 31, 2002.

For part of the nine month period ended  September 30, 2003, the General Partner
was an affiliate of Apartment  Investment and Management  Company  ("AIMCO"),  a
publicly  traded  real  estate  investment  trust.  On  May  1,  2003,   Everest
Properties,  Inc.  a  California  corporation  ("Everest")  acquired  all of the
capital stock of the General Partner.  Although as the sole stockholder of UIRE,
Everest is in a position to remove the current directors and elect the directors
of UIRE and  consequently  to control the  Partnership,  AIMCO and Everest  have
agreed that AIMCO will,  contingent  upon  obtaining any  necessary  consents in
accordance  with the terms of the  Partnership  Agreement,  replace  UIRE as the
general partner.  In connection with this  transaction,  the General Partner and
the  Partnership  have entered into a Services  Agreement  effective May 1, 2003
(the "Services  Agreement") with NHP Management Company ("NHP"), an affiliate of
AIMCO,  whereby NHP will  provide  portfolio  management  services  and property
management services for the Partnership. The portfolio management services shall
include the services the General Partner of the Partnership  generally  performs
or procures in connection  with the  management of the  Partnership,  subject to
certain limitations provided for in the Services Agreement.  As compensation for
providing  the  portfolio   management  services  and  the  property  management
services, the General Partner will pay and assign over to NHP all of the income,
distributions,  fees, commissions,  reimbursements and other payments payable by
the Partnership to the General  Partner or any of its  affiliates.  Should AIMCO
fail to obtain the aforementioned consents, the Services Agreement will continue
to be in effect unless NHP fails to perform its  obligations in accordance  with
the terms of the Services Agreement.

Note B - Transactions with Affiliated Parties

The Partnership  has no employees and depends on the Services  Agreement for the
management and  administration  of all Partnership  activities.  The Partnership
Agreement  and the  Services  Agreement  provide  for  payments to AIMCO and its
affiliates for services and for  reimbursement of certain  expenses  incurred by
AIMCO and its affiliates on behalf of the Partnership.  Pursuant to the Services
Agreement  discussed in "Note A", all such payments for services provided for in
the Partnership  Agreement shall be paid to NHP which owns a significant  number
of limited partnership units as discussed below.

Affiliates  of NHP are entitled to receive 5% of gross  receipts from all of the
Partnership's  properties  as  compensation  for providing  property  management
services.  The Partnership paid to NHP and its affiliates  approximately $66,000
and $72,000 for the nine months ended September 30, 2003 and 2002, respectively,
which is included in operating expenses.

An  affiliate  of  NHP  received  reimbursement  of  accountable  administrative
expenses  amounting  to  approximately  $45,000  and $53,000 for the nine months
ended  September 30, 2003 and 2002,  respectively,  which is included in general
and administrative expenses.

For acting as real estate broker in  connection  with the 1999 sale of Peachtree
Corners Medical Building, the General Partner earned a real estate commission of
approximately  $21,000.  However,  this amount is not payable  until the limited
partners  receive an amount equal to their  adjusted  capital  investment  and a
cumulative  distribution  equal to an 8% annual return from the last  additional
closing date or, if greater,  a 6%  cumulative  annual return from their date of
admission to the  Partnership.  At September 30, 2003, the limited  partners had
not received  their  return.  Therefore,  the  commission  is included in due to
affiliate on the accompanying balance sheet at September 30, 2003.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO,  which is generally  self-insured for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance policies obtained by AIMCO from insurers unaffiliated with the General
Partner.  During  the  nine  months  ended  September  30,  2003 and  2002,  the
Partnership  was charged by AIMCO and its affiliates  approximately  $23,000 and
$28,000,  respectively,  for insurance  coverage and fees associated with policy
claims administration.

Until May 1, 2003,  AIMCO was the indirect sole  stockholder  of UIRE,  the sole
general  partner  of the  Partnership  and  therefore  held  all of the  general
partnership interest in the Partnership.  On May 1, 2003 Everest acquired all of
the  capital  stock of the General  Partner.  As the sole  stockholder  of UIRE,
Everest is in a position to remove the current directors and elect the directors
of UIRE and consequently to control the Partnership;  however, AIMCO and Everest
have agreed that AIMCO will, contingent upon obtaining any necessary consents in
accordance  with the terms of the  Partnership  Agreement,  replace  UIRE as the
general  partner  (see Note A above).  As of September  30, 2003,  AIMCO and its
affiliates  owned  24,356  limited   partnership  units  (the  "Units")  in  the
Partnership  representing  39.89% of the  outstanding  units.  A number of these
Units were acquired  pursuant to tender offers made by AIMCO or its  affiliates.
AIMCO or its affiliates may acquire  additional  Units in exchange for cash or a
combination  of  cash  and  units  in  AIMCO  Properties,  L.P.,  the  operating
partnership  of AIMCO,  either  through  private  purchases  or  tender  offers.
Pursuant to the  Partnership  Agreement,  unitholders  holding a majority of the
Units are  entitled  to take action  with  respect to a variety of matters  that
include, but are not limited to, voting on certain amendments to the Partnership
Agreement and voting to remove the General Partner. Although the General Partner
owes fiduciary duties to the limited  partners of the  Partnership,  the General
Partner also owes  fiduciary  duties to Everest as the sole  stockholder  of the
General  Partner.  As a result,  the duties of the General  Partner,  as general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the General Partner to Everest, as its sole stockholder.

Note C - Legal Proceedings

On August 8, 2003 AIMCO  Properties L.P., an affiliate of NHP, was served with a
Complaint in the United States  District  Court,  District of Columbia  alleging
that AIMCO  Properties  L.P.  willfully  violated the Fair Labor  Standards  Act
(FLSA) by failing to pay  maintenance  workers  overtime for all hours worked in
excess of forty per week.  The Complaint is styled as a Collective  Action under
the FLSA and seeks to certify state subclasses in California,  Maryland, and the
District of Columbia. Specifically, the plaintiffs contend that AIMCO Properties
L.P. failed to compensate  maintenance  workers for time that they were required
to be "on-call".  Additionally,  the Complaint  alleges  AIMCO  Properties  L.P.
failed to comply with the FLSA in compensating maintenance workers for time that
they worked in responding to a call while "on-call". The Complaint also attempts
to certify a subclass for salaried service  directors who are challenging  their
classification  as  exempt  from the  overtime  provisions  of the  FLSA.  AIMCO
Properties  L.P. has filed an answer to the  Complaint  denying the  substantive
allegations. Although the outcome of any litigation is uncertain, in the opinion
of the General  Partner the claims will not result in any material  liability to
the Partnership.

The  Partnership  is unaware  of any other  pending  or  outstanding  litigation
matters  involving  it or its  investment  properties  that are not of a routine
nature arising in the ordinary course of business.

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

The Partnership's  investment  properties consist of three apartment  complexes.
The following table sets forth the average  occupancy of the properties for each
of the nine months ended September 30, 2003 and 2002:

                                                   Average Occupancy
      Property                                      2003       2002

      Bronson Place Apartments                      90%        88%
         Mountlake Terrace, Washington
      Meadow Wood Apartments                        95%        94%
         Medford, Oregon
      Defoors Crossing Apartments                   85%        94%
         Atlanta, Georgia

The General  Partner  attributes  the  decreased  occupancy at Defoors  Crossing
Apartments to increased  layoffs in the area,  increased  competition and a slow
local economy.

Results of Operations

The  Partnership  realized  net income of  approximately  $223,000  for the nine
months  ended  September  30,  2003,  compared  to net  income of  approximately
$374,000 for the nine months ended  September 30, 2002.  The  Partnership's  net
income for the three months ended September 30, 2003 was  approximately  $85,000
compared to net income of  approximately  $141,000  for the three  months  ended
September  30,  2002.  The  decrease in net income for the three and nine months
ended  September 30, 2003 is due to a decrease in total revenues and an increase
in total expenses.

Total revenues  decreased for the three and nine months ended September 30, 2003
due to a decrease  in rental  income  partially  offset by an  increase in other
income.  Rental  income  decreased  due to a decrease  in  occupancy  at DeFoors
Crossing  Apartments and a decrease in average rental rates at Bronson Place and
Defoors Crossing  Apartments  partially offset by a slight increase in occupancy
at Bronson Place Apartments.  Other income increased  primarily due to increased
late charges and lease cancellation fees at all of the properties.

Total expenses  increased for the three and nine months ended September 30, 2003
primarily   due  to  an  increase  in  operating   and  property  tax  expenses.
Depreciation  expense  was  relatively  constant  for  the  comparable  periods.
Operating  expenses  increased  primarily due to an increase in advertising  and
maintenance  expenses  partially  offset  by  a  decrease  in  management  fees.
Advertising  expenses  increased  due to increases  in referral  fees at Defoors
Crossing  Apartments,  web  advertising  costs at Bronson  Place and Meadow Wood
Apartments,  and periodicals at Bronson Place and Defoors  Crossing  Apartments.
Maintenance  expenses  increased due to increases in contract repairs at Bronson
Place and Meadow Wood  Apartments,  pool repairs at Meadow Wood  Apartments  and
painting supplies at Defoors Crossing  Apartments  partially offset by decreases
in  contract  yard and ground  work at Bronson  Place  Apartments  and  contract
interior painting at Defoors Crossing Apartments.  Management fees decreased due
to a decrease  in rental  income,  on which these fees are based,  primarily  at
Defoors  Crossing  Apartments.  Property tax expense  increased  due to a refund
received at Meadow Wood Apartments in 2002 related to the 2001 tax year.

General  and  administrative  expenses  increased  for the  three  months  ended
September  30,  2003 while  remaining  constant  for the nine month  period as a
result of the timing  and  receipt of bills  associated  with costs of  services
provided  by  the  General   Partner  and  its   affiliates   or  assignees  and
communications with investors and regulatory  agencies.  Included in general and
administrative expenses is the costs of services provided by the General Partner
and its affiliates or assignees as allowed under the Partnership Agreement. Also
included in general and  administrative  expenses are costs  associated with the
quarterly and annual  communications  with investors and regulatory agencies and
the annual audit required by the Partnership Agreement.

As part of the ongoing business plan of the Partnership, the General Partner and
NHP monitor the rental market environment of the investment properties to assess
the feasibility of increasing rents,  maintaining or increasing occupancy levels
and protecting the Partnership from increases in expenses. As part of this plan,
the General Partner and NHP attempt to protect the  Partnership  from the burden
of inflation-related increases in expenses by increasing rents and maintaining a
high  overall  occupancy  level.  However,  the  General  Partner may use rental
concessions and rental rate reductions to offset  softening  market  conditions,
accordingly,  there is no  guarantee  that the General  Partner  will be able to
sustain such a plan.

Liquidity and Capital Resources

At  September  30,  2003,  the  Partnership  had cash and  cash  equivalents  of
approximately $414,000 compared to approximately $412,000 at September 30, 2002.
Cash and cash equivalents  increased by approximately $70,000 since December 31,
2002,  due to  approximately  $560,000 of cash provided by operating  activities
partially offset by approximately $405,000 and $85,000 of cash used in financing
and  investing  activities,  respectively.  Cash  used in  financing  activities
consisted  of  distributions  paid  to the  partners.  Cash  used  in  investing
activities consisted of property improvements and replacements.  The Partnership
invests its working capital reserves in interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the various  properties  to  adequately  maintain  the
physical  assets and other operating needs of the Partnership and to comply with
Federal, state and local legal and regulatory requirements.  The General Partner
monitors  developments  in the area of legal and  regulatory  compliance  and is
studying  new  federal  laws,  including  the  Sarbanes-Oxley  Act of 2002.  The
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
changes,  the Partnership  expects that it will incur higher expenses related to
compliance,  including  increased  legal and audit  fees.  Capital  improvements
planned for each of the Partnership's properties are detailed below.

Bronson Place

During the nine months ended  September  30,  2003,  the  Partnership  completed
approximately  $29,000  of capital  improvements  at  Bronson  Place  Apartments
consisting  primarily  of  floor  covering  and  appliance  replacements.  These
improvements were funded from operating cash flow. The Partnership evaluates the
capital  improvement needs of the property during the year and currently expects
to complete an additional $9,000 in capital improvements during the remainder of
2003.  The  additional  capital  improvements  will  consist  primarily of floor
covering and air conditioning unit replacements. Additional capital improvements
may be considered  and will depend on the physical  condition of the property as
well as the anticipated cash flow generated by the property.

Meadow Wood

During the nine months ended  September  30,  2003,  the  Partnership  completed
approximately   $25,000  of  capital  improvements  at  Meadow  Wood  Apartments
consisting  primarily  of water,  sewer and heating  unit  upgrades,  structural
improvements and floor covering and appliance  replacements.  These improvements
were funded from  operating  cash flow.  The  Partnership  evaluates the capital
improvement  needs of the  property  during  the year and  currently  expects to
complete an additional $11,000 in capital  improvements  during the remainder of
2003.  The  additional  capital  improvements  will  consist  primarily of floor
covering and air conditioning unit replacements. Additional capital improvements
may be considered  and will depend on the physical  condition of the property as
well as the anticipated cash flow generated by the property.

DeFoors Crossing

During the nine months ended  September  30,  2003,  the  Partnership  completed
approximately  $31,000 of capital  improvements at DeFoors  Crossing  Apartments
consisting  primarily of floor covering and appliance  replacements and swimming
pool and heating unit upgrades.  These  improvements  were funded from operating
cash flow.  The  Partnership  evaluates  the  capital  improvement  needs of the
property  during the year and expects that only necessary  improvements  will be
made  during  the  remainder  of 2003 in  order  to  maintain  occupancy  at the
property.  Additional capital  improvements may be considered and will depend on
the  physical  condition of the  property as well as the  anticipated  cash flow
generated by the property.

The additional  capital  expenditures will be incurred only if cash is available
from operations or from Partnership  reserves.  To the extent that such budgeted
capital improvements are completed,  the Partnership's  distributable cash flow,
if any, may be adversely affected at least in the short term.

The Partnership  distributed the following  amounts during the nine months ended
September 30, 2003 and 2002 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                                     Per Limited                         Per Limited
                Nine Months Ended    Partnership   Nine Months Ended     Partnership
                September 30, 2003      Unit       September 30, 2002       Unit

<S>                   <C>              <C>               <C>               <C>
Operations            $ 405            $ 6.57            $ 401             $ 6.50
</TABLE>

Future cash  distributions  will depend on the levels of net cash generated from
operations,  the  availability  of cash  reserves,  and the timing of financings
and/or  property sales.  The  Partnership's  cash available for  distribution is
reviewed  on a monthly  basis.  There  can be no  assurance,  however,  that the
Partnership  will  generate  sufficient  funds from  operations  after  required
capital  improvements  to permit any  additional  distributions  to its partners
during the remainder of 2003 or subsequent periods.

Other

Until May 1, 2003,  AIMCO was the indirect sole  stockholder  of UIRE,  the sole
general  partner  of the  Partnership  and  therefore  held  all of the  general
partnership interest in the Partnership.  On May 1, 2003 Everest acquired all of
the  capital  stock of the General  Partner.  As the sole  stockholder  of UIRE,
Everest is in a position to remove the current directors and elect the directors
of UIRE and consequently to control the Partnership,  however, AIMCO and Everest
have agreed that AIMCO will, contingent upon obtaining any necessary consents in
accordance  with the terms of the  Partnership  Agreement,  replace  UIRE as the
general partner (see Item 1. Financial Statements Note A - Basis of Presentation
for more information).  As of September 30, 2003, AIMCO and its affiliates owned
24,356 limited  partnership units (the "Units") in the Partnership  representing
39.89% of the outstanding  units. A number of these Units were acquired pursuant
to tender offers made by AIMCO or its  affiliates.  AIMCO or its  affiliates may
acquire additional Units in exchange for cash or a combination of cash and units
in AIMCO Properties,  L.P., the operating  partnership of AIMCO,  either through
private  purchases  or tender  offers.  Pursuant to the  Partnership  Agreement,
unitholders  holding a majority  of the Units are  entitled  to take action with
respect to a variety of matters that include,  but are not limited to, voting on
certain amendments to the Partnership Agreement and voting to remove the General
Partner.  Although  the General  Partner  owes  fiduciary  duties to the limited
partners of the  Partnership,  the General Partner also owes fiduciary duties to
Everest as the sole stockholder of the General Partner.  As a result, the duties
of the General Partner,  as general partner,  to the Partnership and its limited
partners  may come into  conflict  with the  duties of the  General  Partner  to
Everest, as its sole stockholder.

Critical Accounting Policies and Estimates

The financial  statements are prepared in accordance with accounting  principles
generally  accepted in the United States which require the  Partnership  to make
estimates and  assumptions.  The  Partnership  believes that of its  significant
accounting  policies,  the following may involve a higher degree of judgment and
complexity.

Impairment of Long-Lived Assets

Investment  properties  are  recorded at cost,  less  accumulated  depreciation,
unless  considered  impaired.  If  events  or  circumstances  indicate  that the
carrying  amount of a property may be  impaired,  the  Partnership  will make an
assessment of its  recoverability  by estimating  the  undiscounted  future cash
flows,  excluding  interest  charges,  of the property.  If the carrying  amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's investment properties.  These factors include, but are not limited
to,  changes  in the  national,  regional  and  local  economic  climate;  local
conditions,  such as an oversupply of multifamily  properties;  competition from
other available  multifamily property owners and changes in market rental rates.
Any adverse changes in these factors could cause impairment of the Partnership's
assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized  monthly as it is earned and
the Partnership  fully reserves all balances  outstanding  over thirty days. The
Partnership will offer rental concessions during  particularly slow months or in
response to heavy  competition  from other  similar  complexes in the area.  Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.

ITEM 3.     CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the General Partner,  who are the equivalent of the  Partnership's  principal
executive officer and principal financial officer,  respectively,  has evaluated
the  effectiveness of the Partnership's  disclosure  controls and procedures (as
such term is defined  in Rules  13a-15(e)  and  15d-15(e)  under the  Securities
Exchange  Act of 1934,  as amended  (the  "Exchange  Act")) as of the end of the
period covered by this report. Based on such evaluation, the principal executive
officer and  principal  financial  officer of the General  Partner,  who are the
equivalent  of the  Partnership's  principal  executive  officer  and  principal
financial  officer,  respectively,  have  concluded  that, as of the end of such
period, the Partnership's disclosure controls and procedures are effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fiscal quarter to which this report relates that have  materially  affected,  or
are reasonably likely to materially affect,  the Partnership's  internal control
over financial reporting.

                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

On August 8, 2003 AIMCO  Properties L.P., an affiliate of NHP, was served with a
Complaint in the United States  District  Court,  District of Columbia  alleging
that AIMCO  Properties  L.P.  willfully  violated the Fair Labor  Standards  Act
(FLSA) by failing to pay  maintenance  workers  overtime for all hours worked in
excess of forty per week.  The Complaint is styled as a Collective  Action under
the FLSA and seeks to certify state subclasses in California,  Maryland, and the
District of Columbia. Specifically, the plaintiffs contend that AIMCO Properties
L.P. failed to compensate  maintenance  workers for time that they were required
to be "on-call".  Additionally,  the Complaint  alleges  AIMCO  Properties  L.P.
failed to comply with the FLSA in compensating maintenance workers for time that
they worked in responding to a call while "on-call". The Complaint also attempts
to certify a subclass for salaried service  directors who are challenging  their
classification  as  exempt  from the  overtime  provisions  of the  FLSA.  AIMCO
Properties  L.P. has filed an answer to the  Complaint  denying the  substantive
allegations. Although the outcome of any litigation is uncertain, in the opinion
of the General  Partner the claims will not result in any material  liability to
the Partnership.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a) Exhibits:

                  Exhibit 3.1, Form of Agreement of Limited  Partnership  (filed
                  on May 2,  1988  as  part  of the  Prospectus  of  Partnership
                  contained in the  Partnership's  Amendment to the Registration
                  Statement and is incorporated herein by reference).

                  Exhibit  3.2,  Tenth  Amendment  to the  Agreement  of Limited
                  Partnership  (filed  on May  15,  1989 as  Exhibit  4.3 to the
                  Quarterly  Report on Form 10-Q and is  incorporated  herein by
                  reference).

                  Exhibit 3.3,  Certificate of Limited Partnership (Exhibit 3 to
                  Partnership's   Form  8-K   filed  on  April  29,   1991,   is
                  incorporated herein by reference).

                  Exhibit 31.1,  Certification  of equivalent of Chief Executive
                  Officer   pursuant   to   Securities    Exchange   Act   Rules
                  13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the
                  Sarbanes-Oxley Act of 2002.

                  Exhibit 31.2,  Certification  of equivalent of Chief Financial
                  Officer   pursuant   to   Securities    Exchange   Act   Rules
                  13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the
                  Sarbanes-Oxley Act of 2002.

                  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.

            b) Reports on Form 8-K:

                  None filed during the quarter ended September 30, 2003.





<PAGE>


                                   SIGNATURES



In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                                    UNITED INVESTORS INCOME PROPERTIES


                                    By:   United Investors Real Estate, Inc.
                                          General Partner


                                    By:   /s/Patrick J. Foye
                                          Patrick J. Foye
                                          Executive Vice President


                                    By:   /s/Paul J. McAuliffe
                                          Paul J. McAuliffe
                                          Executive Vice President
                                          and Chief Financial Officer


                                    Date: November 19, 2003



<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Patrick J. Foye, certify that:


1.    I have reviewed this quarterly  report on Form 10-QSB of United  Investors
      Income Properties;

2.    Based on my knowledge,  this 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
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  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 report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  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

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (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  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date:  November 19, 2003

                                /s/Patrick J. Foye
                                Patrick J. Foye
                                Executive  Vice  President  of United  Investors
                                Real  Estate,  Inc.,  equivalent  of  the  chief
                                executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


1.    I have reviewed this quarterly  report on Form 10-QSB of United  Investors
      Income Properties;

2.    Based on my knowledge,  this 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
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  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 report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  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

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (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  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date:  November 19, 2003

                                /s/Paul J. McAuliffe
                                Paul J. McAuliffe
                                Executive  Vice  President  and Chief  Financial
                                Officer of United Investors Real Estate, Inc.,
                                equivalent  of the chief  financial  officer  of
                                the Partnership


<PAGE>


Exhibit 32.1


                          Certification of CEO and CFO
                       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 on Form  10-QSB of United  Investors
Income Properties (the "Partnership"),  for the quarterly period ended September
30, 2003 as filed with the Securities and Exchange Commission on the date hereof
(the  "Report"),  Patrick  J. Foye,  as the  equivalent  of the chief  executive
officer of the  Partnership,  and Paul J.  McAuliffe,  as the  equivalent of the
chief financial officer of the Partnership,  each hereby certifies,  pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

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


                                           /s/Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:  November 19, 2003


                                           /s/Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  November 19, 2003


This  certification is furnished with this Report pursuant to Section 906 of the
Sarbanes-Oxley  Act of 2002 and shall not be deemed filed by the Partnership for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended.