I'll add to the pile: it's really difficult to tell. You definitely seem to be a better 400 than 800 guy. You had a long rest with these. As another said, you could just be a fit 400 guy, and you'll only run 1:56-1:58. Or, if 800 is your better distance now, then sub 1:55 should be possible.
I was a 1500 guy. My 400 PB was 54 (in HS, maybe I could have run 52 or so in College based on my 10x200 workouts). My 800 PB was 1:55 (again, probably could have run 1:53, but I only ran it 3-4 times in college in slower races). My 1500 PB was 3:48. If I ran 3x400 in 52-53 (with a 4 minute rest), then I'd predict a 1:50ish for myself.
I had teammates who did not beat me at 800, but could have run the workout you did (or come pretty close) with the 7 minute rest. I'm talking guys like you, who could run 50-51.x, but who had a 1:55-1:57 800 PB. They could get out fast, but could not hold it. A good miler almost always out sprints a 400/800 guy over the last 100-200 meters (he just might not be close enough to catch them:)
If you want to be elite or closer to it, you need to get faster, or move up in distance (and still get faster while also adding endurance).