Storing 8 million locations on heroku using postgresql

Currently using an api for locations but I also have a download license for them as well. The api is pretty slow (around 600 ms) but the other issue is I need to sort by some custom fields. What would be the technical aspects if I decided to store all ~8 million locations in my own database? The database is through heroku and is postgresql with postgis.

edit decided this needed more info: I have spatial point indexes setup on the rows through postgis. I am returning around 75 rows with each query. I am updating location rows very frequently. Also I am looking at using heroku postgres standard 0 plan (or better) Database would have 1gb of ram (more if needed) connection limit of 120 (need to support around 200 hits/second) and a storage capacity of 64gb you can check out the standard plan here http://ift.tt/1IDKh2N as well as the other plans...

Any input is much appreciated and let me know if I need to include more info.