Long before the revival of interest in inner-city living, Judith Reynolds and her appraiser husband Anthony lived downtown. Their first home was in the old Monmouth apartments at 1819 G St. NW. When it was torn down in 1962, they "moved out" to Capitol Hill. They thought they overpaid.

Charles Colson (who later worked at the White House) when they bought a Hill house from him for $36,500. But they put a lot of labor and other stuff into it and sold it a few years ago for $107,250.

Now the couple is renting at another Hill address while looking for a "downtownish residence where we can have our office and live over the store, so to speak," says Judy Reynolds, now a commercial appraiser herself and partner with her husband in the Reynolds & Reynolds appraisal firm.

A student at the University of Maryland whoquit her studies to be married, she has two children, who are now 18 and 15. Mrs. Reynolds went to work as a full-time appraiser 10 years ago.

As a commercial appraiser, she says it is "a thrill to see all the renewed interest in commercial property east of 15th Street these days." But she says her loves are preservation easements and historic properties.

A member of the Appraisal Institute of the American Institute of Real Estate Appraisers for two years, Mrs. Reynolds is one of relatively few women who have earned that designation. She and her husband are one of only two couples in the MAI circle.

Since 1975, Mrs. Reynolds has been a member of the D.C. Board of Equalization and Review, which hears the property assessment gripes of owners each spring. She is one of four women on the panel. (The others are Rhuedine Davis, Marion Jackson and Yvonne Poole.)

In addition to consulting and article writing. Mrs. Reynolds also serves on the editorial board of the Appraisal Journal.

Partners in their appraisal business, Anthony and Judy Renolds "work together but tend to have our own particular assignments," she says.