Hi. This sounds like a fun project. I have a website that has made tens of thousands of dollars over the years with adsense, but that is a community site so it is a bit easier than on a content site. I do have numerous sites making around $1-20 per month but they are notoriously difficult to monetise because they are based on Tagalog language and only have around 3,000 visitors each per month.
I believe that a website can make around $5 - $10 per every 1,000 visitors.
In order to get under way I would want to see your website stats in full, including current adsense stats and google analytics if you have them. I'd want to do a full report so I could have an idea of whether we could make it or not.