I think that folding would definitely be standard after the other guy has called turn (I suspect he folded the best hand on the river actually). You basically never have the best hand and your outs may be dead too. Even if you hit an A on the river you are probably behind if another bet comes.
Your hand reading stuff in the OP is basically along the right lines but you need to remember that in micro games it's only a reweighting of probabilities rather than definitively excluding particular hands from the range. Just so many of the hands they shouldn't have from the preflop action but could have are straights, sets, two pair or even one pair (you're drawing to about 12 percent against a one pair hand and it's worse if the one pair has an Ace kicker you don't know about) and the later action reweights towards those hands again and away from what they might have had on the flop. If it was two-way I would probably like the call though.
BTW I saw your location. Despite my Polish taste in avatars I'm English but I used to live in Krakow on the Vistula.