If you do a Service pack update, you might face this error when creating a project that connects to the SharePoint site.
Verify that your Login is in the db_owner group on the SQL Instance and also remember that by default (SQL 2012+) the BUILTIN\Administrators group no longer has auto sysadmin rights on new install. So if you are relying on that local security group for rights, it would be best to create a AD Group to manage SQL Instances and leave, or disable, BUILTIN\Administrators group as public only.
Follow this guide step by step and verify each step is true: Account Permissions and Security Settings in SharePoint 2013. This one is more detailed and maybe a little overboard for what you need, but it is the long path for access rights. Refer to #2 for a simpler path.
Another good simple guide: Prepare your SharePoint 2013 farm for App development and debugging. This Guide fixed most of my local development needs.
Also take a look at this link as this is the same error message but in a different form.