I have never hunted on a lease less than 1000 acres and am looking at one that is 150 acres and appears to have all the essential elements for a good lease, including a wheat field that brings in the deer and they have pictures of some good bucks that have been taken and some on game cameras.
Any insight to the pros and cons of a small lease will be
appreciated.

To me, small properties are extremely hard to hunt.

1) 150 acres would be a 1 gun property.
2) Wheat field on 150 acres does bring in deer, but takes up habitat.
3) Unless the deer LIVE on the property, soon as gun season opens, you'll have a hard time seeing them in daylight.

Could be great, but I personally like more acreage.

I believe low impact is the key to making a small property work. If it's a nice, quiet, undisturbed place for the deer to hang out and feed, it'll be good.

Lease the place. Thats plenty of land and the fields will draw deer from those 1000 acre places. Keep your feeders full and don't hunt it too hard and you will se some good deer.

What part of the state are you hunting? If its South Texas 150 acres is plenty of property. If its far West Texas it will be tougher hunting. I hunt 40 acres in Edwards County and kill a nice buck every year. All depends on deer density in the region.

I have hunted smaller places and have always done just as well as on the larger places. Typically youre only going to hunt a small portion of the lease total. So if your place is surrounded by larger parcels of land that hold good cover and water, and there isnt a ton of pressure on the animals, chances are the animals will travel accross your place to get to and from food plots, shelter or the watering hole. Take the time off season to observe the area herd and pay close attention to the number of does, the age of the does, as well as if there are any potentially threatening conditions. As long as you manage your hunts well, you can be just as successful on small leases as you can be on the larger ones.

I would jump all over it

thanks for the insightful comments. seems that on a larger place I have no more "area" to hunt than this. plus, there is not much pressure surrounding the place (in Hamilton County} which is a good thing. I have been looking for a lease for 3 months and have concluded i could maybe do better and could for sure do worse. you guys have confirmed my thinking.

I hunted on my own 50 acres and tagged out every year with a bow. But there weren't many other hunters around shooting everything that walked, like in most leases, expecially with guns on the property.

All depends on the neighboring ranches....That's where most of the deer will be coming from...