I've done some looking as my daughter is now 5' and wants a road bike. Specialized has a couple of women's specific models that come in smaller sizes (44-). They have a pretty good price point depending upon the set up.

http://www.specialized.com/...1101&scname=Road

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Awww, Katy's not all THAT evil. Only slightly evil. In a good way. - JasoninHalifax

I'm 5'2" my road bike is a Specialized Dolce size 48. Felt women's road bikes go as small as 43. Both brands can be had new for under $1000.

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I am 5'4" but have a short inseam for someone my height, I ride a Cervelo P3 in a 48 cm. A lot depends on her torso length. I recommend going to a bike shop and having them use a Fit Stick to determine her rough size. Sound like she would be a 47/48 depending on the brand. Definitely something with 650 wheels.

Ditto. I have a very short inseam (and 5'4"). If the OPs girl has more of an average inseam for height the 48cm cervelo bikes may fit....

Jodi

I'm just 5' and ride a Giant TCR women's specific 43 (xxs) frame size and love it (though I am in the market for an upgrade).

hi mate -

went through this recently myself; my wife is 5'0! i started threads here and on the main forum, called "road bikes for petites" or something similar. got lots of helpful input, as usual. some people might try to steer you away from 650 wheels, but i think they can be a very good idea for someone so small. the 'extra hassle' of the different tube/tyre size isn't much of a hassle at all.

-mike

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https://lshtm.academia.edu/MikeCallaghan

http://howtobeswiss.blogspot.ch/

I'm 5'0" and have been unanimously steered to 650s. I'm in the market for TT bike and have had to eliminate lots with standover too high. But if you're aiming specifically for road you'll have a much easier go of it with their sloping top tube. I currently have Trek 2000 WSD road bike which is REALLY small, I actually have about 2"clearance of standover even in barefeet. FWIW, my short (no pun intended) list is now Felt B16, Cervelo P2 or P3, with Kuota K Factor and QR Seduza as secondary options, all with 650s. Trek SC 7.0 and Cannoondale Slice standover are too tall. Good luck, bike shopping aint easy for us mighty little people out there!