For me the "The specified port is in use" error is usually fixed (well actually worked arround) by stopping the "Internet Connection Sharing (ICS)" (SharedAccess) and the "World Wide Web Publishing Service" (W3SVC) service.
After the project / ISS Express is started the stopped services can be started again without issues.
Whenever i receive the error the port (in the 50000 range) is definitely not in use (checked with netstat & tcpview).
It would be nice if Microsoft did some integration testing of Visual Studio / IIS Express along side with HyperV and the "normal" IIS Service OR gave some guidance on which port ranges to use for VS / IIS Express (and which ports to avoid).