1) a servant woman; an older sister; also, a person's name (attested as female)
2) little; apparently a shortened version of -tepiton, which can also go to -tepito, dropping the final "n," not at all unusual (see below); but perhaps -tepiton also gets reduced to -tepi. See James Lockhart, Nahuatl as Written (2002, 234), where he identifies -tepi as "little." Finally, glyphs for Tlaltepi and Xoctepi appear to use -tepi to mean little. See the Matricula de Huexotzinco, folios 506r, 608r, and 622r.
içivauh ytoca tepiu [sic] = His wife is named Tepi. (Cuernavaca region, ca. 1540s)