Is your goal to retire early?
Will you max out both you and your wife's 401k and IRAs this year?
If the answer to the first one is yes, then common advice around here would be you need to answer the second one with a "yes" as well. If that is the case, then maybe you can get in to the details of the property (location, comparables, numbers, etc.) with the more Real estate minded forum-goers here. Hopefully they will chime in.
My first impression is that a 3/2 for 55k sounds like it needs a LOT of work, especially if it's in a college town where prices are normally a bit inflated. Is this a true college town, with students living and going to school? Or is it a community college/commuter school?
Also, taking out a mortgage on a property that cheap sounds a little odd - by that I mean, I think the competing offers that come in would likely be more cash-heavy investors that would just buy it in cash.
Maybe those seem like obvious questions you've already addressed - just trying to be helpful in the case that you haven't.
Best of luck