Yes, it does have a retractable roof panel. When I picked this one up, the panel was not fully seated. It had plenty of grime in the slides so I wouldn't bet against it having plugged up drain tubes.

So I should look for water damaged components in the a piller and kick panel areas it sounds like. I haven't poked around in these areas, but I know the passenger side has a fuse panel and I assume the driver's side will have a control module of some sort.

Thanks.