Yes, that is very low, even for a low compression smog era motor. And that degree of variation is a problem, too. An engine won't fire without at least 80-90 PSI in the cylinder. What you could try doing is filling the cylinders with a little bit of oil to add compression. If it fires up and runs, that's how you know your problem is compression related. The oil is effectively "filling in" the lost space, temporarily adding compression.
Time for a rebuild, man.
I'd also consider trying a different compression tester. Good ones use schrader valves.
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The short block was rebuilt less than 5000 miles ago. Heads were not touched. Possible it is just a valve problem? Any idea what it would cost to do a valve job on the heads? I was planning on selling it once I got it running, but maybe it is worth more not running vs putting money into it?