Welcome, Jimmy.
News sites are notorious for not giving, what we think they should in return, as to easy revenue for the effort. I've had a couple over the years and was never thrilled with the response in $ for the work I did but my stuff was always global or national.
Being that you are Boston centric I would approach the site by targeting local companies to advertise on there. I did that with a site here in Clearwater, Florida a few years back and it was a nice deal. It was not a news site but it was a site centered around the city itself and getting advertisers was not very hard at all.
I can not offer you anything real specific as to what is fair to charge but if it helps I was getting 200.00 - 250.00 a month for a banner ad (468 X 60) from local businesses on a monthly basis and that site threw off 1500 - 1800 a month to us.
You seem to have a good retention as your visitors as going to more than one page on your site and that should be a selling point should you target local businesses as well as the UVs (a little low but a great start).
If I were speaking with your accent and rooting for the wrong ball clubs, as you probably are, I would probably wait until I had over 2K monthly UVs before I started marketing and use a scale approach in terms of pricing.
I know that is nothing specific but hopefully it will give you some ideas an thoughts on how to approach turning that site into cash.
