That's a 51cm frame right? At 5'4" it seems like it should fit you. While seated can you put your heel on the pedal when its at the 6 o'clock position? Without having to rock to the side.
As a starting point you should be able to pedal the bike with the ball of the foot on the pedal, sole of the foot level, with just a slight bend in your knee at the lowest pedal position.
While your at it, throw your rule on that seat tube. It should measure about 20" from the center of the crank spindle to the top of the seat tube, where the adjusting bolt is. Just to be sure it really is a 51cm frame, because it looks a bit bigger to me.
Oh, and on that bike the seat will be well below the level of the handlebars.
Last edited by JBC353; 08-09-14 at 08:36 AM.