With 550 sq ft, you'll eat on your sofa, you'll never have more than two guests at a time (you might be able to push it to four if everyone is close - the first time someone has to crawl over someone else's lap just to go to the bathroom, you'll know why...). You will have your choice of being in the living room or bedroom. My first apartment was 600 sq ft, and I hated it. After I got married, I moved from my 1350 sq ft duplex into a 720 sq ft apartment that had a small dining room. Again, hated it.
If the kitchen has corners, check to see whether there are corner cabinets/cupboards - you would be surprised at how many apartments leave the corners empty - robbing you of a LOT of cabinet space. If you are looking at ground level, make sure there are no drainage issues - my first flat actually collected 1 - 2" of standing water after rains or good snow-melts. The carpet was permanently soggy, and I had a problem with mold (the allergic/asthmatic reactions almost killed me) and bugs. Lowest-level apartments tend to have the most plumbing problems, as all the crud in the pipes tend to collect there (my bathroom once flooded with all the crap from the kitchen sinks/dishwashers from the two floors above me). Top-floor apartments frequently deal with leaky roofs, which a landlord will rarely fix promptly.
Make sure the bedroom is big enough for your furniture. Many smaller apartments can't fit a queen bed and a dresser (if they can, you might not fit a decent sofa in the living room).
Last but most: Tour the apartments. Don't get your heart set on one (cheap or nice, doesn't matter) apartment. Shop around, and tour them ALL. Tour the ones that might be a bit more/less expensive than what you are looking for, or smaller/bigger etc. That is the only way to see whether it is a good deal in your area.
If the kitchen has corners, check to see whether there are corner cabinets/cupboards - you would be surprised at how many apartments leave the corners empty - robbing you of a LOT of cabinet space. If you are looking at ground level, make sure there are no drainage issues - my first flat actually collected 1 - 2" of standing water after rains or good snow-melts. The carpet was permanently soggy, and I had a problem with mold (the allergic/asthmatic reactions almost killed me) and bugs. Lowest-level apartments tend to have the most plumbing problems, as all the crud in the pipes tend to collect there (my bathroom once flooded with all the crap from the kitchen sinks/dishwashers from the two floors above me). Top-floor apartments frequently deal with leaky roofs, which a landlord will rarely fix promptly.
Make sure the bedroom is big enough for your furniture. Many smaller apartments can't fit a queen bed and a dresser (if they can, you might not fit a decent sofa in the living room).
Last but most: Tour the apartments. Don't get your heart set on one (cheap or nice, doesn't matter) apartment. Shop around, and tour them ALL. Tour the ones that might be a bit more/less expensive than what you are looking for, or smaller/bigger etc. That is the only way to see whether it is a good deal in your area.