First off, I'm not well geared. 28 hps. 23k damage 600 resist 225 MF wizzy. While as of current patch most the rares will suck... every now and then you get lucky.
Couple quick tips
- Don't pick up blues. Ignore them. If you get a good run you won't really have the room.
- You don't need much mf. 200% works fine. More is better of course.
Start on quest on Cursed hold quest
1. Go to Northern and head directly north and look for the rare dungeon "The Watch tower" - If it's there you can usually get 1-3 valor stacks. If not. you may find a pack within map distance of the waypoint. I've on occasion have had 2. I will circle around the waypoint real quick to see if I can find a pack.
1-2 packs W/O tower
3-5 packs W/ Tower
2.. Leorics Manor -- Usually pack in manor and guaranteed pack in courtyard. On rare occasion I've seen 2 packs in courtyard.
1-3 packs Manor/Courtyard
3. Festering woods - A full clear of this small zone can usually net you 3-5 stacks including warriors rest and the crypt. BONUS - Event -- The tombstone on the hill. Will always spawn a pack at the end which is another stack of valor and rares.
2 packs from dungeon
1-3 packs from clearing zone
1 pack from bonus event.
Total = 3-6
4. Cometary -- usually 1 pack in cemetery and 1-2 packs per tomb. --- BONUS -- Jar of souls that will give you a rare or 2 2nd Bonus -- The quest to recover a spirits remains and return it to her coffin -- Can usually get 3 rares from it.
Tombs 4-6 packs
Outside 0-1 packs
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Grand total of elites farmed (averaged) 10-20
Done! So far my record for rares was 28 in 1 run. All of this is very easy to farm with basic mf gear. Either way, even if you get an entire inventory of crap you'll make a fair amount of gold. 30k through regular pick ups and maybe another 20k through vending crap rares. Not the greatest, but we are mainly looking for upgrades or things we can sell off for bigger gold or trade.
Hope this helps!