WinForm Application cannot run because ".exe is missing"

When I create a new C# Windows Form Application in Visual Studio 2010, I cannot run the application due to the following error:

"Visual Studio cannot start debugging because the debug target 'C:\Users\blankdud\Documents\Visual Studio 2010\Projects\WindowsFormsApplication1\WindowsFormsApplication1\bin\Debug\WindowsFormsApplication1.exe' is missing. Please build the project and retry, or set the OutputPath and AssemblyName propertiesappropriately to point at the correct location for the target assembly."

I've done some Google searches about the exact problem and most of the results did not involve a new project like my issue here. I tried to just build the application as it suggests, and I get "Build: 0 succeeded or up-to-date, 1 failed, 0 skipped". I looked up the Output path in the Build tab of the project's properties and it is set to bin\Debug. In the Application tab, the assembly name matches the project, "WindowsFormsApplication1".

Looking inside of the bin\Debug\ folder itself I have WindowsFormsApplication1.vshost.exe and WindowsFormsApplication1.vshost.exe.manifest, which also looks fine to me. The configuration in the properties of the solution also seems to be correct, listing my project, configuration and platform properly and the Build checkbox is ticked.

I'm a bit lost at this point as to what I should try next. I'm not sure what I am overlooking at this point and any help would be greatly appreciated. I also wanted to mention that making a C# Console Application works completely fine.


TL;DR
Brand new C# and C++ winforms will not build. No errors exist in the error list. Configuration properties seem to be correct.

UPDATE1
Looking over some past projects that are also WinForms, I notice that when I try and run them I get an error saying there was build errors. If I run the last successful build then everything works fine, otherwise there are no errors listed at all.

UPDATE2
I've been scouring the net for any help with this to no avail so far. It seems no matter what I try and do, building the project fails and an exe is never created in the bin\Debug folder. I also have tried resetting VS's environment settings back to defaults. As far as I am aware, this was all working up until I installed ASP.NET MVC4. I have no reason to suspect this was the cause.