M,
5'5"
27"
Measured up at a dealer and I was told a 51cm R3 was told the right size.
Thing is it's more than just stand over height. I have short legs but a long torso. A top tube length of 52 - 53cm seems to work best, with a short 90mm to 100mm stem. The R3 in a 51cm is the same top tube length as my current Devinci. My cross bike has a virtual 51.5cm top tube and it feels like more of my weight is over the front of the bike so to speak.But it is an XS 44cm frame. If you are perfectly proportioned, a 48 cm may fit. Personally I would not run a stem longer than 10 cm. If that isn't good look a the size up and compare.