@clay: I can’t express how relieved I am feeling right now by seeing your replies to @darylf as I faced exact same problem (same 404 error as shown in screenshot above)
I was a happy local user till a month back until I installed Graphite Studio and followed its install notes pdf guide to setup my laptop correctly for it to work. But to my surprise, it broke local website and all of my websites on local started showing 404 error. I didn’t get time to diagnose this issue then, but today when I tried finding a solution, I found this page and it changed my life, LOL!
But now my local is set again to use normally when I uninstalled “Web Deployment Agent Service” and adjusted the IIS from Turn Windows features ON or OFF section on my Windows 10 laptop.
Hope this info helps someone.