SB Play - Theoretical Problem?

[asdtexas]

A frequent situation comes up in the more passive games whereby I am in the small blind with something like 87 to 54 suited or unsuited, or a one gapper type of hand 75o and there 2 callers. The odds are 7:1 to call. Typically, the BB is passive and I generally don't fear a raise. My thinking is that the odds are so good that this limp has EV on the occasion when the flops hits. Even though I am out of position, am I really a 7:1 dog against a field of four?
Are these calls justified? if this helps, the minimum hand that I would limp with would be 54o or 75o.

Thoughts are appreciated. I suspect that there may be a theoretical flaw in my thinking and it prompted this question. Interestingly, my stats show a small profit from the SB and I believe the sample size to be reasonable

thanks