Hi Ron,
I don't think your finances will be a problem, but I think your accommodation could be. I don't know exactly what the ECO guidance notes say on the subject, but I would have thought that they would require you to have at least two bedrooms to accommodate a married couple and one child. The guidance notes used by the ECO's are published online somewhere, so I suggest that you google it and see what they say about the subject.
Iain.