I'm also 5'0. I have two road bikes. One is an older Trek that is a 47cm and my new one is a Felt F 5 which is a 48cm. I love the Felt and it fits so very well. I also agree that the Specialized 49 is too large. Remember different companies measure their bikes differently so the 44cm Specialized is close to the 47cm Trek and the 48cm Felt. (Those are the three I looked most closely at). My Trek I bought used and although not a perfect fit (just slightly too big) it got me back on a bike and also showed me what I needed to look for in a new bike.