We revisit the stochastic master equation approach to feedback cooling of a quantum mechanical oscillator undergoing position measurement. By introducing a rotating wave approximation for the measurement and bath coupling, we can provide a more intuitive analysis of the achievable cooling in various regimes of measurement sensitivity and temperature. We also discuss explicitly the effect of backaction noise on the characteristics of the optimal feedback. The resulting rotating wave master equation has found application in our recent work on squeezing the oscillator motion using parametric driving and may have wider interest.