Community Newspaper - which method

I'm familiar with working with basic wordpress for various types of sites eg ones I've set up / admin

I'd like to set up a Local Community Newspaper site, where much of the content is provided by the readers and independant contributers, either on a regular basis or occasional / one off - some may be subject to admin approval, some may be able to publish immediately ( eg if a regular trusted source)

I'm wondering what platform to use - eg whether a theme like The Daily Theme, or whether to use BuddyPress, or to use a multisite network.

I'd like there to be a main site for a town, but then each area in the town to have it's own area as well, so that it is truely a local news site eg main page could be eg "" then with sections such as

each section could also have local advertising, events, groups, classifieds etc etc

what is the best way of acheiving this? Is there an out of the box theme/solution?

any pointers would be great, I'm not particularly strong at coding etc.