Wow this is the "gift" that just keeps on giving! This, "Cached preview needs 2 or more frames to playback" error has been the subject complaints in this forum for AT LEAST 2 YEARS! I wonder how long it can possibly take before Adobe reacts.
They've been fixing different causes of this error over the past several releases.
However, there was one big cause for it that they haven't been able to nail down, UNTIL TODAY! (Hopefully.)
For the main cause of this issue, today's bug fix update should solve it.
See the Adobe blog post for more information: A June 2017 Update to After Effects CC Is Now Available | Creative Cloud blog by Adobe
Please let us know if it works for you!