sorry but that 75k and that 5 are at least 2x too optimistic.
also, direct sales deals require direct sales people who then expect direct deposited bonuses. its kindof like the tyranny of the rocket equation, you can't afford sales people because they would have to take 95% of the revenue they generated just to pay their own (meager regional medium city ad sales) salary.
If 75,000 people in your town read the paper, 5 page loads per day, every morning, that is 7.5MM pageviews per month.
If a few articles get read by people one town over, you have a few direct ad deals with local businesses, or your cpm is slightly above average, then you can make money.
Most local websites don't sell ads on the open market with cpm pricing, but do direct deals with local companies that cost something like $5,000/mo.