Depends on what the term "Lo-Fi" really means. I'm not sure? But anyhow there's a local record shop. here in town that caters to all of the indie sub-genres. I've seen their CD on display in the shop. You might want to check out "My Morning Jacket", which has gotten some talk here recently and another band that has been mentioned on this site as well, "Iron & Wine" 

Here's a link to my favorite record shop in Arizona:

http://www.stinkweeds.com