This is a hard one, but I do have some thoughts in several areas of the issue because I have been considering the idea of leasing, buying, and the cost of the hunting I do now.
First, it is hard to find great spots to hunt. 40 is not a lot unless it is ideal. If I could get into it with easy access with the normal wind patterns working for me to get to good spots without going through the deer so I could hunt it quite a bit and not burn the place out I would consider it. It would be better yet if it had water, cover, and connected some major feed and cover area so it was used a lot as a travel area between bedding areas and beading areas to food. If it was just off to the side of some huge area and had nothing special to offer it could be of limited use and the deer could just move out if you hunt too much. I have someone I work with that ownes an ideal 50. They have shot multiple large bucks over the year with two this year and have seen two more. They hunt all the time and see a load of deer. A spot like that would be well worth it.
I hunt two 10 acre parcels that have limited deer, but two weeks a year the bucks roll through. Hunted correctly it produces 5-8 buck sightings in the pre-rut and early rut, and I see my best buck every year in this spot. I take at least one each year. I wouldn’t pay much to hunt it. It is not that good all season.
While I do not pay to hunt, I would consider it. If it was close to home and work so I could get there with limited driving expenses it could be a good deal. When I figure the gas I burn driving to hunt I could afford a little private spot to hunt if it was not a lot of $.
I have thought about buying land, but the taxes around here could be close to what you would pay to lease this spot. So if it is a great spot why tie up your money and pay taxes?
You can always take that money and go on a great hunt. But what are you going to get for that a week someplace if you DIY? I could hunt the whole season in a spot like this if it is set up right plus I could take the kids and wife for free after the first cost.
I am a meat hunter first. I would love to shot a 150 or better. I would love to see one in the wild. I got to have meat. So if it is QDM and they shoot a good number of does, and I can shoot some does then I could let the small bucks pass. Now how do you shoot a doe when there could be a 150 around the corner?