I'm not sure if I ran into a unique case or not, but I thought I'd post my workaround here just in case someone else stumbles across this.
My PC came with .NET Framework 4.5, but MO was still throwing this error. I tried another workaround posted here regarding changing registry values, but that didn't do the trick. Here's what I had to do:
- Control Panel ---> Programs ---> Turn Windows features on or off
- Enable .NET Framework 3.5