WordPress blog as sub-directory on IIS-hosted website

I’m trying to make my wordpress blog (hosted on 192.168.0.79) to be accessible from other Windows/IIS/ASP.NET-application (currently http://localhost/). My goal is to access blog using url: http://localhost/blog/

I’ve installed AAR and URL Rewrite and my web.config file is looking like this:

<?xml version="1.0" encoding="UTF-8"?>
<configuration>
<system.webServer>
    <rewrite>
        <rules>
    <rule name="Route the requests for Blog" stopProcessing="true">
                <match url="^blog/(.*)" />
                <conditions>
                    <add input="{CACHE_URL}" pattern="^(https?)://" />
                </conditions>
                <action type="Rewrite" url="{C:1}://192.168.0.79/{R:1}" />
                <serverVariables>
                    <set name="HTTP_ACCEPT_ENCODING" value="" />
                </serverVariables>
            </rule>
        </rules>
 <outboundRules>
            <rule name="ReverseProxyOutboundRule1" preCondition="ResponseIsHtml1" stopProcessing="true">
                <match filterByTags="A, Area, Base, Form, Frame, Head, IFrame, Img, Input, Link, Script" pattern="^http(s)?://192.168.0.79/(.*)" />
                <action type="Rewrite" value="/blog/{R:2}" />
        <conditions>
            <add input="{HTTP_HOST}" pattern="^192.168.0.79$" />
                </conditions>
            </rule>
    <rule name="RewriteRelativePaths" preCondition="ResponseIsHtml1">
                <match filterByTags="A, Area, Base, Form, Frame, Head, IFrame, Img, Input, Link, Script" pattern="^/(.*)" negate="false" />
                <action type="Rewrite" value="/blog/{R:1}" />
            </rule>
            <preConditions>
                <preCondition name="ResponseIsHtml1">
                    <add input="{RESPONSE_CONTENT_TYPE}" pattern="^text/html" />
                </preCondition>
            </preConditions>
        </outboundRules>
    </rewrite>
</system.webServer>

I can access blog using http://localhost/blog/ and all links work fine, but when I try to access WordPress admin http://localhost/blog/wp-admin I get 404.0 error (url: http://localhost/wp-login.php?redirect_to=http%3A%2F%2F192.168.0.79%2Fwp-admin%2F&reauth=1)

I feel like this could be an authentication problem when AAR Reverse Proxy approach, but I’m not sure.