It looks like a duplicate of old issue https://github.com/localstack/localstack/issues/78
But now it's reproducible for me with the latest version of LocalStack. 
try:
            return _parse_and_create_resource(logical_id, resource_json, resources_map, region_name)
        except Exception as e:
            LOG.error('Unable to parse and create resource "%s": %s %s' %
                      (logical_id, e, traceback.format_exc()))
            raise
    def parse_and_update_resource(logical_id, resource_json, resources_map, region_name):
        try:
            return _parse_and_create_resource(logical_id,
                resource_json, resources_map, region_name, update=True)
        except Exception as e:
            LOG.error('Unable to parse and update resource "%s": %s %s' %
                      (logical_id, e, traceback.format_exc()))
            raise
    def _parse_and_create_resource(logical_id, resource_json, resources_map, region_name, update=False):
        stack_name = resources_map.get('AWS::StackName')
        resource_hash_key = (stack_name, logical_id)
        
        updating = CURRENTLY_UPDATING_RESOURCES.get(resource_hash_key)
        LOG.debug('Currently updating stack resource %s/%s: %s' % (stack_name, logical_id, updating))
        if updating:
            return None