UNITED STATES SECURITIES AND EXCHANGE COMMISSION


                               Washington, D.C. 20549




                                    FORM 10-K/A



                                   AMENDMENT NO. 1




FILED PURSUANT TO SECTION 12, 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


                    For the fiscal year ended: December 31, 1997
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                          COMMISSION FILE NUMBER:  0-10223
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                           CONAM REALTY INVESTORS 81 L.P.
                           ------------------------------
                                 FORMERLY KNOWN AS
                          HUTTON/CONAM REALTY INVESTORS 81
                          --------------------------------
                EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER


              California                               13-3069026
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     STATE OR OTHER JURISDICTION OF        I.R.S. EMPLOYER IDENTIFICATION NO.
     INCORPORATION OR ORGANIZATION

Attention: Robert J. Svatos

1764 San Diego Avenue , San Diego California                92110-1906
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ADDRESS OF PRINCIPAL EXECUTIVE OFFICES                       ZIP CODE


                                   (619) 297-6771
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                 Registrant's telephone number, including area code







     The undersigned registrant hereby amends the following section of its
Report for December 31, 1997 on Form 10-K as set forth in the pages attached
hereto:


                                       PART I

ITEM 1.  BUSINESS

(a)  General Description of Business and Objectives






                                       PART I

ITEM 1.  BUSINESS


(a) GENERAL DESCRIPTION OF BUSINESS AND OBJECTIVES


ConAm Realty Investors 81 L.P., formerly known as Hutton/ConAm Realty Investors
81, (the "Partnership") is a California limited partnership formed on April 30,
1981.  ConAm Property Services, Ltd. ("CPS"), a California limited partnership,
and RI 81 Real Estate Services, Inc. ("RI 81"), a Delaware corporation, were the
original co-general partners of the Partnership.  On October 8, 1997, CPS
acquired RI 81's co-general partner interest in the Partnership, effective July
1, 1997, pursuant to a Purchase Agreement between CPS and RI 81 dated August 29,
1997.  As a result, CPS now serves as the sole general partner (the "General
Partner") of the Partnership.  In conjunction with this transaction, the name of
the Partnership was changed from Hutton/ConAm Realty Investors 81 to ConAm
Realty Investors 81 L.P.


The Partnership was organized to engage in the business of acquiring, operating
and holding for investment multi-family residential properties.  The Partnership
originally invested in two joint ventures and three limited partnerships, each
of which was formed to own a specified property.  As described below, three
properties have been  sold.  Funds held as a working capital reserve are
invested in  unaffiliated money market funds or other highly liquid short-term
investments where there is appropriate safety of principal in accordance with
the Partnership's investment objectives and policies.


The Partnership's principal investment objectives with respect to its interests
in real property are:


(1)  capital appreciation;


(2)  distribution of net cash from operations attributable to rental income; and


(3)  preservation and protection of capital.


Distribution of net cash from operations is the Partnership's objective during
its operational phase, while preservation and appreciation of capital are the
Partnership's long-term objectives.  The attainment of the Partnership's
investment objectives will depend on many factors, including future economic
conditions in the United States as a whole and, in particular, in the localities
in which the Partnership's properties are located, especially with regard to
achievement of capital appreciation.


From time to time the Partnership expects to sell its real property interests
taking into consideration such factors as the amount of appreciation in value,
if any, to be realized and the possible risks of continued ownership.  Proceeds
from any future sale, financing or refinancing of properties will not be
reinvested and may be distributed to the Limited Partners and General Partner
(sometimes referred to together herein as the "Partners"), so that the
Partnership will, in effect, be self-liquidating.  If deemed necessary, the
Partnership may retain a portion of the proceeds from any sale, financing or
refinancing as capital reserves.  As partial payment for properties sold, the
Partnership may receive purchase money obligations secured by mortgages or deeds
of trust.  In such cases, the amount of such obligations will not be included in
Net Proceeds From Sale or Refinancing (distributable to the Partners) until and
only to the extent the obligations are realized in cash, sold or otherwise
liquidated.


Originally, the Partnership utilized the net proceeds of its public offering to
acquire five residential apartment complexes (collectively, the "Properties")
either directly or through investments in joint ventures, as follows: (1) Las
Colinas Apartments I and II, a 300-unit apartment complex located in Scottsdale,
Arizona; (2) Tierra Catalina, a 120-unit apartment complex located in Tucson,
Arizona; (3) Ridge Park, a 100-unit apartment complex located in Tulsa,
Oaklahoma; (4) Cedar Bay Village, a 42-unit apartment complex located in
Altamonte Springs, Florida; and (5) Kingston Village, a 120-unit apartment
complex located in Alamonte Springs, Florida. On July 20, 1995, Cedar Bay
Village and Kingston Village were sold to an unaffiliated institutional buyer
for $1,410,622, and $5,370,000, respectively.  On November 27, 1996,  Ridge Park
Apartments was sold to an unaffilaited institution for $3,385,000.


The Partnership's mortgage loan secured by Las Colinas I and II and Tierra
Catalina were refinanced in August 1992 and matures in September 1999.  For
information concerning the Partnership's current mortgage indebtedness, see Note
5, "Mortgages Payable," of the Notes to the Consolidated Financial Statements,
included in the Partnership's Annual Report to Unitholders for the fiscal year
ended December 31, 1997, which is filed as an exhibit under Item 14.


The Partnership considers itself to be engaged in only one industry segment,
real estate investment.






COMPETITION


The Partnership's real property investments are subject to competition from
similar types of properties in the vicinities in which they are located and such
competition has increased since the Partnership's investment in the Properties
due principally to the addition of newly constructed apartment complexes
offering increased residential and recreational amenities.  The Properties have
also been subject to competition from condominiums and single-family properties
especially during periods of low mortgage interest rates.  The Partnership
competes with other real estate owners and developers in the rental and leasing
of its Properties by offering competitive rental rates and, if necessary,
leasing incentives.  Such competition may affect the occupancy levels and
revenues of the Properties.  The occupancy levels at the properties reflect some
seasonality, which is typical in these markets.  In some cases, the Partnership
may compete with properties owned by other partnerships affiliated with the
General Partner.


For a discussion of current market conditions in the areas where the
Partnership's Properties are located, reference is made to the Partnership's
Annual Report to Unitholders for the fiscal year ended December 31, 1997, which
is filed as an exhibit under Item 14.


EMPLOYEES


The Partnership has no employees.  Services are provided by CPS, ConAm
Management Corporation ("ConAm Management"), an affiliate of CPS, as well as
Service Data Corporation and First Data Investor Services Group, both
unaffiliated companies.  The Partnership has entered into management agreements
pursuant to which ConAm Management provides management services with respect to
the Properties.  First Data Investor Services Group had been retained by the
Partnership to provide all accounting and investor communication functions,
while Service Data Corporation provides transfer agent services.  Effective
January 1, 1998, the accounting functions of the Partnership have been
transferred to the firm of Brock, Tibbitts, & Snell, an unaffiliated company
located in San Diego, California.  See Item 13, "Certain Relationships and
Related Transactions", for a further description of the service and management
agreements between the Partnership and affiliated entities.






                                     SIGNATURES


Pursuant to the requirements of Section 12, 13 or 15(d) 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.



Dated:    October 13, 1998     CONAM REALTY INVESTORS 81 L.P.



                              BY:  ConAm Property Services, Ltd.
                                   General Partner of ConAm Realty Investors 81
                                   L.P.


                              BY:  Continental American Development, Inc.
                                   General Partner


                              BY:  /s/  Daniel J. Epstein
                              ----------------------------------------------
                              Name:     Daniel J. Epstein
                              Title:    President, Director and
                                        Principal Executive Officer