I've managed a team with only 2 reports. Wouldn't recommend it unless you're the founder/owner. In my experience the minimum size for managing a team should be 3 direct reports and not more than 9.
Nobody knew what anyone was doing. The lead was stretched too thin. One project would flounder while he focused on managing the others. It was just a mess.
It didn't help there was some low performers on the team constantly slacking off but that was part of the problem room lead wasn't seeing these problems.