Bottom 2 pair on a Monotone Flop

[MisterNatural]

1/2 6 Max
Very loose passive room. UTG is usually pretty quiet and rarely shows down or re-raises. UTG+1 has been fairly quiet as well though I've never seen him play before.

Hero is SB with [8[img]/images/graemlins/spade.gif[/img] 7[img]/images/graemlins/spade.gif[/img]]
UTG: calls $1, UTG+1: calls $1, CO: calls $1, Button: folds, Hero: calls $0.50,
BB: checks
*** FLOP *** [K[img]/images/graemlins/heart.gif[/img] 7[img]/images/graemlins/heart.gif[/img] 8[img]/images/graemlins/heart.gif[/img]]
Hero: checks (with intention of raising or check raising if no [img]/images/graemlins/heart.gif[/img] on turn)
BB: checks
UTG: bets $1
UTG+1: raises $1 to $2
CO: folds
Hero: calls $2
BB: folds
UTG: raises $1 to $3
UTG+1: calls $1
Hero: calls $1
*** TURN *** [K[img]/images/graemlins/heart.gif[/img] 7[img]/images/graemlins/heart.gif[/img] 8[img]/images/graemlins/heart.gif[/img]] [2[img]/images/graemlins/club.gif[/img]]
Hero: checks
UTG: bets $2
UTG+1: raises $2 to $4
Hero: folds
UTG: calls $2
*** RIVER *** [K[img]/images/graemlins/heart.gif[/img] 7[img]/images/graemlins/heart.gif[/img] 8[img]/images/graemlins/heart.gif[/img] 2[img]/images/graemlins/club.gif[/img]] [7[img]/images/graemlins/club.gif[/img]]
UTG: bets $2
UTG+1: raises $2 to $4
UTG: calls $2
Results in White
<font color="white"> UTG+1: shows [K[img]/images/graemlins/spade.gif[/img] J[img]/images/graemlins/diamond.gif[/img]] (two pair, Kings and Sevens)
UTG: shows [A[img]/images/graemlins/club.gif[/img] A[img]/images/graemlins/diamond.gif[/img]] (two pair, Aces and Sevens)
UTG: collected $29 from pot </font>

I had put UTG on the flopped flush, and UTG+1 on a higher two pair or better. I was going to call the turn bet until it got reraised and I figured it was going to get capped so I bailed out thinking I only had 4 outs to make the boat and my odds were only 5-1 (right ?), not the 11-1 I should be looking for (right?). Was this a weak fold or the right move given the odds and my reads or what?

Any help would be appreciated.