FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

RAUTH WILLIAM R III 		2. Issuer Name and Ticker or Trading Symbol

APPFOLIO INC [ APPF ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

C/O IGSB, INC., 1485 E. VALLEY ROAD, SUITE H 		3. Date of Earliest Transaction (MM/DD/YYYY)

11/22/2016
(Street)

SANTA BARBARA, CA 93108
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class B Common Stock   $0.00   11/22/2016     S         32377      (1) (2)   (1) (2) Class A Common Stock   32377   $637826.90   3855275   (3) I   (3) By IGSB IVP III  
Class B Common Stock   $0.00                      (1) (2)   (1) (2) Class A Common Stock     (1) (2)   379012   D    
Class B Common Stock   $0.00                      (1) (2)   (1) (2) Class A Common Stock     (1) (2)   993627   I   (4) By IGSB Venture Fund III, LLC  
Class B Common Stock   $0.00                      (1) (2)   (1) (2) Class A Common Stock     (1) (2)   15129   I   See Footnote   (5)
Class B Common Stock   $0.00                      (1) (2)   (1) (2) Class A Common Stock     (1) (2)   15129   I   See Footnote   (6)
Class B Common Stock   $0.00                      (1) (2)   (1) (2) Class A Common Stock     (1) (2)   15119   I   See Footnote   (6)
Class B Common Stock   $0.00                      (1) (2)   (1) (2) Class A Common Stock     (1) (2)   15119   I   See Footnote   (6)
Class B Common Stock   $0.00                      (1) (2)   (1) (2) Class A Common Stock     (1) (2)   15119   I   See Footnote   (6)
Class B Common Stock   $0.00                      (1) (2)   (1) (2) Class A Common Stock     (1) (2)   15119   I   See Footnote   (6)
Class B Common Stock   $0.00                      (1) (2)   (1) (2) Class A Common Stock     (1) (2)   15119   I   See Footnote   (6)
Class B Common Stock   $0.00                      (1) (2)   (1) (2) Class A Common Stock     (1) (2)   15119   I   See Footnote   (6)
Class B Common Stock   $0.00                      (1) (2)   (1) (2) Class A Common Stock     (1) (2)   13725   I   See Footnote   (6)
Class B Common Stock   $0.00                      (1) (2)   (1) (2) Class A Common Stock     (1) (2)   1407   I   See Footnote   (6)
Class B Common Stock   $0.00                      (1) (2)   (1) (2) Class A Common Stock     (1) (2)   5041   I   See Footnote   (7)

Explanation of Responses:
( 1)  The shares of Class B Common Stock ("Class B Shares") do not have an expiration date. Each Class B Share is convertible, at any time at the option of the holder, into one share of AppFolio's Class A Common Stock (the "Class A Shares"). In addition, Class B Shares that are sold or otherwise transferred will convert automatically, on a one share-for-one share basis, into Class A Shares, except for (i) any transfer by a partnership or limited liability company that was a registered holder of Class A Shares prior to June 30, 2015 that is made to anyone who was a partner or member of any such partnership or limited liability company prior to June 30, 2015, and (ii) any transfer to a "qualified recipient" (as defined in AppFolio's Amended and Restated Certificate of Incorporation).
( 2)  All of the outstanding Class B Shares will convert automatically into Class A Shares, on a one share-for-one share basis, on the date when the number of the Company's outstanding Class B Shares represents less than 10% of the sum of AppFolio's outstanding Class A and Class B Shares.
( 3)  These Class B Shares are owned by IGSB IVP III LLC, a private investment fund ("IVP III"), which is managed by Investment Group of Santa Barbara LLC ("IGSB"). On November 22, 2016, the Reporting Person, who is a member of IVP III, indirectly sold a total of 32,377 Class B Shares, by means of a sale of part of the interest he owned in IVP III, to one of its other members, for an aggregate sales price of $637,826.90. The Reporting Person is one of the three members of IGSB and all decisions regarding the voting, conversion, transfer or other disposition of Class B Shares owned by IVP III require the unanimous approval of all three members. As a result, the Reporting Person may be deemed to share voting and dispositive power, with IGSB and its other two members, over the Class B Shares owned by IVP III. However, the Reporting Person disclaims beneficial ownership of these shares, except to the extent of any pecuniary interest he may have therein.
( 4)  These Class B Shares are owned by IGSB Venture Fund III LLC, a private investment fund that is managed by IGSB. The Reporting Person is one of the three members of IGSB and all decisions regarding the voting, conversion and transfer or other disposition of these Class B Shares require the unanimous approval of all three members. As a result, the Reporting Person may be deemed to share voting and dispositive power over these Class B Shares with IGSB and its other two members. However, the Reporting Person disclaims beneficial ownership of these Shares, except to the extent of any pecuniary interest he may have therein.
( 5)  These Class B Shares are owned by an irrevocable trust established for one of the Reporting Person's grandchildren. The Reporting Person is the trustee of the trust and, therefore, may be deemed to possess sole voting and dispositive power over the Class B Shares owned by it. However, the Reporting Person disclaims any pecuniary interest in these Class B Shares.
( 6)  These Class B Shares are owned by an irrevocable trust established for another of the Reporting Person's grandchildren. The Reporting Person is the trustee of the trust and, therefore, may be deemed to possess sole voting and dispositive power over the Class B Shares owned by it. However, he disclaims any pecuniary interest in these Class B Shares.
( 7)  These Class B Shares are owned by Ospre-Point Capital, LLC. In his capacity as sole manager of Ospre-Point Capital, the Reporting Person possesses sole voting and dispositive power with respect to, but disclaims any pecuniary interest in, these Shares.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
RAUTH WILLIAM R III
C/O IGSB, INC.
1485 E. VALLEY ROAD, SUITE H
SANTA BARBARA, CA 93108 		X X

Investment Group of Santa Barbara, LLC
C/O IGSB, INC.
1485 E VALLEY ROAD, SUITE H
SANTA BARBARA, CA 93108
X


Signatures
William R. Rauth, III, By: /s/ Kimberly Shea, Attorney-in-Fact, for William R. Rauth, III 11/22/2016
** Signature of Reporting Person Date

Investment Group of Santa Barbara, LLC, A California limited liability company, By: Timothy K. Bliss, Member & Vice President, By: /s/ Kimberly Shea, Attorney-in-Fact 11/22/2016
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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