After installing Update 2 for Visual Studio 2015 I started getting the same error. I tried everything above with no luck. However, I found a solution that works for me:
YourSolutionFolder\\.vs\config\applicationhost.configfile (note: .vs is a hidden folder)
- Open Visual Studio, right-click on web site > Properties > Debug tab > Web Server Settings > App URL - change port number.
If you have IIS configured to use the same port, (stop the application / use different port) and try again.