SQL Network Interfaces, error: 50 - Local Database Runtime error occurred. Cannot create an automatic instance

Breaking Changes to LocalDB: Applies to SQL 2014; take a look over this article and try to use (localdb)\mssqllocaldb as server name to connect to the LocalDB automatic instance, for example:

<connectionStrings>
  <add name="ProductsContext" connectionString="Data Source=(localdb)\mssqllocaldb; 
  ...

The article also mentions the use of 2012 SSMS to connect to the 2014 LocalDB. Which leads me to believe that you might have multiple versions of SQL installed - which leads me to point out this SO answer that suggests changing the default name of your LocalDB "instance" to avoid other version mismatch issues that might arise going forward; mentioned not as source of issue, but to raise awareness of potential clashes that multiple SQL version installed on a single dev machine might lead to ... and something to get in the habit of in order to avoid some.

Another thing worth mentioning - if you've gotten your instance in an unusable state due to tinkering with it to try and fix this problem, then it might be worth starting over - uninstall, reinstall - then try using the mssqllocaldb value instead of v12.0 and see if that corrects your issue.

Running this:

sqllocaldb create "v12.0"

From cmd prompt solved this for me...

I usually fix this errore following this msdn blog post Using LocalDB with Full IIS

This requires editing applicationHost.config file which is usually located in C:\Windows\System32\inetsrv\config. Following the instructions from KB 2547655 we should enable both flags for Application Pool ASP.NET v4.0, like this:

<add name="ASP.NET v4.0" autoStart="true" managedRuntimeVersion="v4.0"     managedPipelineMode="Integrated">
    <processModel identityType="ApplicationPoolIdentity" loadUserProfile="true" setProfileEnvironment="true" />
</add>