How to setup multi store on localhost?

Look at this image

I tried this, and it's not working for me
          <binding protocol="http" bindingInformation="*:15536:localhost" />
          <binding protocol="http" bindingInformation="*:15538:localhost" />
Going to http://localhost:15538 gives me error
"This site can’t be reached  .... localhost refused to connect."

I've also tried modifying HOSTS file using
127.0.0.1       testhost1
127.0.0.1       testhost2
In which case I get for either
Bad Request - Invalid Hostname
HTTP Error 400. The request hostname is invalid.

I have problems whether launching in VS via either IIS Express or Nop.Web.
And also it's not working if I use Nop.Web.exe in a no-source folder.

Multi-store testing via HOSTS file worked for me a few versions back, so I don't know why it's not working for me now.
Any thoughts?

I use this method - The IP of my machine on the network is 10.0.0.16
I have the following in my hosts file
10.0.0.16  localtest.myworkstation.com.au
10.0.0.16  localtest1.myworkstation.com.au
10.0.0.16  localtest2.myworkstation.com.au
I run Visual Studio in Adminsitrator mode (right click on the desktop icon)
In Nop.Web properties (right click to get to properties)
Debug Tab > Web Server Settings  > App URL
Enter   http://localtest.myworkstation.com.au/
When I run the debugger it starts the browser with  address  http://localtest.myworkstation.com.au/
Then when it is running I can change the address to
localtest1.myworkstation.com.au
or
localtest2.myworkstation.com.au

Thank you Yidna...

Turns out that my HOSTS file was fine, I just had a typo in my Stores configuration for the "HOST values" field; it must have (e.g in may case) 'testhost1' to match what is in the HOSTS file.
Also, I found that in VS, it does not work with IIS Express, but does work OK with Nop.Web
(Also, mine works OK starting VS normally; I don't have to 'Run as administrator')

Thanks guys, was having this same issue getting 4.3 in local dev running. Followed your suggestions, seems to be working fine. Anyone needing details of my setup process let me know. I am using Win10, IIS10, VS2019, latest nop v4.3.