Firmly agree that capturing as much real estate in the SERP's is very helpful. Adding a Sponsored Listing captures basically all of the real estate available.
Just curious, are your "neighborhood pages" incorporating several smaller cities to make up a "neighborhood" or are they targeting individual cities? Are you delivering this content via a blog (posts or pages) or adding these pages as part of the main navigation and as part of a service area page on the site?
I am considering a project like this and there are at least 50 towns, cities, municipalities, etc. It would be quite cumbersome, not to mention, the information across these pages could get a little redundant. I'm a little concerned that it may start looking sloppy. Grouping a number of cities under one "area" would certainly cut down on the overall number of pages to be created but wouldn't allow me to get as granular and targeted as I'd like.