You will be better off finding a good trail to the water from the feeding area.
I found that hunting a water hole can be frustrating!
At the end of a long drought, I found a small water hole that held water year around, it was loaded with tracks! I thought I'd found the perfect place! After hunting the area this season, I only saw about 4 deer there! There are still tracks everywhere around it, but the activity is happening at night there! Deer will find water they need, so set up in a good transition area, preferably nearer to the food sources. Good luck!