The problem as far as I can tell is that new construction vastly outpaced rental demand. 

For income I would estimate somewhere in the 1-3% range.

How far do traveling nurses prefer to be from the hospital, the houses I'm looking at range from 15 minutes away to 5 minutes away.

Those prices range from $800k-$1.5M depending on the specifics but the income increase is as much and the cost to own is slightly lower because insurance, maintenance, and utility costs do not go up linearly on these making a bigger margin for you.  

Do I need to adjust my price range?

That gives you enough margin to work with and make a profit and have the highest # of people looking in that price range since it's closest to the median price point of home here.

(online search shows range from $4.95 excl tax (so $80pa!)

Common terms for private money loans include interest rates ranging from 8-15%, short-term durations (usually 6-24 months), and LTV ratios around 65-75%.

Always think it is extremely important to note that Cap Rate does not drive value on Single Family Rentals since NOI is not the factor for the vast majority of the market - only really relevant for Multifamily and Commercial (BP audience is generally skewed towards residential not commercial investing)

I am looking at the landscape of other multifamily GP/LP deals and it seems there is a wide range for both IRR and equity splits between GP/LP.